Seen in the Palm Beach Post:
The State Farm Florida Insurance Co. announced Thursday it will non-renew 50,000 coastal customers as part of a plan to reduce its overall hurricane exposure in the state.
Officials with Florida’s second largest insurer said they also will cancel the wind coverage of other additional coastal Florida homeowners insurance customers but did not release numbers for the second group. Those customers live in designated Florida wind pools areas and have two homeowner policies, one for the wind risk, and another covering fire and theft. Areas east of Interstate 95 in Palm Beach, St. Lucie, and Broward counties are considered part of the wind pool.[...]
Under new State Farm underwriting guidelines, the company says it will non-renew policyholders within two miles of the Atlantic Ocean or the Gulf of Mexico. However, in some areas, policyholders up to five miles from the coast will not be renewed, said State Farm spokesman Chris Neal.
The Gotcha Covered blog at the Post thoughtfully observes that State Farm’s aggregation management actions comes about a month after Commissioner McCarty expressed optimism that the Florida property insurance market was stabilizing.
I can only imagine that someone in Bloomington took a look at the output of quarter-end cat model runs, experienced some indigestion, and decided to pull the trigger.