July 18th, 2023, Lesley Simeon
American insurance company Farmers Insurance has announced it will no longer offer coverage in Florida, ending policies like home and auto in the state. The move, which according to the company was necessary to manage “risk-exposure”, makes Farmers the fourth major insurance company to pull out of hurricane-prone Florida in the past year. Currently, Farmers holds a near 2% share of Florida’s insurance market and serves 100,000 customers in the state.
We look at YouGov data to see what types of insurance policies Americans living in Florida currently own.
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - 44% of Americans living in Florida currently own collision coverage insurance policies. This category is followed by liability (42%), comprehensive (42%) and homeowner’s insurance policies (40%).
For the hurricane-prone state, the Atlantic hurricane season is projected to be normal this year. Last year, Hurricane Ian caused damages to the tune of $110 billion in Florida. Profiles data shows that 16% of flood insurance policy holders in the US live in California and 12% of them each live in Texas, Florida and New York.
As for why, more than half (53%) of Americans who own flood insurance policies are either very confident or somewhat confident that there is significant climate change caused by human activity.
Moreover, YouGov Profiles data shows that 72% of this audience agrees that “climate change is the biggest threat to civilization.” By comparison, 59% of the general US population agrees with the statement.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.