The Real Deal Miami

State Farm pullout creates insurance vacuum

January 29, 2009 09:33AM

State Farm, the largest insurer in Florida, will stop doing business in
the state
, leaving 1.2 million policyholders to find new
solutions for coverage. State officials say competitors can absorb
almost all of the customers, but that won’t diminish the flurry of activity
spurred by State Farm’s decision. It will run counter to another state
goal of reducing reliance on Citizens Property Insurance, which is
supposed to be used as the insurer of last resort.