Castle Key Insurance submits proposals to Florida regulators asking for a rate increase of 30%

Florida insurance regulators are facing down a new rate proposal from property insurers Castle Key Insurance Company and Castle Key Indemnity Company. Representatives of the companies appeared before regulators on Tuesday to testify on the necessity of their proposals. Florida has recently been inundated with proposals to increase insurance rates due to the fact that hurricane season is sending several tropical storms toward the state. Given toll that natural disasters have taken on the industry earlier in the year, insurers are keen to recover their losses by hiking up premiums.…

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