Florida's CFO Blames Biden, Calls Farmers the Bud Light of Insurance

If you've tuned into the evening news or read a headline over the past three years, chances are you've heard about the great renaissance in Florida, Texas, Arizona and other sunny and warm states with lower costs of living.

Perhaps you're even one of the millions of Americans who has actually relocated from a chillier existence up north to one of these places (and if that's the case, cheers from a newly minted Floridian).

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But some folks say this renaissance isn't as robust as the press might have you believe. One of those people is Florida's very own chief financial officer, Jimmy Patronis, who claims that President Joe Biden is slowing down Florida's economic progress and hampering business.

Appearing on Fox Business's "Varney & Co.," Patronis told host Stuart Varney that Biden was to blame for insurance companies' recent flight from the state.

Farmers Insurance is the most recent insurance company to pull out of Florida to "effectively manage risk exposure." The move suggests that Farmers believes Florida residents are too litigious.

"That's such a horrible excuse. Look, Farmers has become the Bud Light of the insurance industry. They've been subscribing to the United Nations proclamations and edicts that they've been pushing out," Patronis said, citing Farmers' 2022 signing of the U.N. Principles for Sustainable Insurance.

The proclamation says it "[serves] as a global framework for the insurance industry to address environmental, social and governance risks and opportunities."

"The biggest problem you've got is Bidenomics," Patronis said. "When you've got inflation -- just under this administration -- up 16%, everything's costing more. A roof is costing 16% more. You think of all the materials that go into replacing and building a house, so the insurance claims are costing more."

Watch the full video here.

Insurers Pull Up Stakes in Florida

At least four insurance companies have left or modified coverage options in Florida this year, including Farmers, Lexington Insurance, Centauri Insurance, and Bankers Insurance Group.

"Then you throw higher interest rates on top of that, access to capital is struggling," Patronis continued, suggesting inflation is hurting U.S. consumers and homeowners most.

While insurance companies are leaving Florida, average men and women are flocking to the state in droves. Over 400,000 people have already moved to the state in 2023, which equates to roughly 1,218 people every day.

"There is a lot of business opportunity in the state," Patronis said. "Some do better at jobs and managing their finances than others."

One of those thriving businesses is Florida's largest single-site employer and biggest tourism driver, Disney (DIS) - Get Free Report -- currently locked into a so-called war on woke declared by Gov. Ron DeSantis.

DeSantis claims that Disney was "supporting the sexualization of minors" and has tried revoking special tax credits and other perks the House of Mouse enjoys, which essentially give it a degree of independence from the state.

Disney Chief Executive Bob Iger, for his part, disputes the claims.

"The notion that Disney is in any way sexualizing children quite frankly is preposterous and inaccurate," he said.

More Disney:

Disney Uses DeSantis's Own Words Against Him

Disney and DeSantis's Woke War Enters a New Chapter

Ron DeSantis Tries Something New in Disney Woke War