The State of Florida Ensures Itself Against Hurricanes

"The litigious environment in Florida was causing claims to be multiples of what they should be," he says. "If the claim was $10,000, you could end up being $100,000 with legal costs and all these things" That led to primary insurance companies losing financial strength ratings and going out of business,. Berkshire jumped into Florida in these reinsurance remials; it would leave them exposed if a hurricane hit.

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