Property Insurance Crisis Getting Worse After Hurricane Ian

Florida's property insurance crisis is getting worse. That from Citizens Property Insurance President and CEO Barry Gilway who says Hurricane Ian has been costly since hitting Florida.

Gilway estimates Hurricane Ian wiped out at least 25-percent of whatever surplus private insurers had.

Gilway says as a result, most companies are unable to write new policies which leaves Citizens, the state's insurer of last resort, to take it on.

The surplus, reinsurance market and litigation reform are all expected to be on the table next week during a special legislative session.

Photo by RICARDO ARDUENGO/AFP via Getty Images

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