Flooded Las Olas Blvd. and Palm trees blowing in the winds during hurricane Irma. Credit: Satoshi Kina/Adobe Stock Events such as Hurricane Irma, seen here flooding Las Olas Boulevard in Fort Lauderdale in 2017, have a major impact on insurance claims in Florida, and they’re likely to become more frequent and intense as the ocean gets warmer. Credit: Satoshi Kina/Adobe Stock.

South Florida’s increasing flood and storm risks are pushing its insurance market to a breaking point, according to industry experts, who say that what happens next will influence the decisions real estate and business leaders make for years to come.

“It’s all happening now,” said Joseph Gendelman, president and CEO of Bruce Gendelman Insurance Services, which is based in West Palm Beach and provides risk assessment insurance services. Gendelman has watched as a torrent of insurance companies have left or pulled back from Florida in recent months. He describes the situation as “a mess” and “on the verge of a crisis,” noting that for the first time in his 20-year career, he’s coming across clients and prospects that he simply can’t get insurance for.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.