Florida Residents Feel the Pinch as Insurance Premiums Soar
Homeowners across Florida are grappling with significant increases in insurance premiums, with some facing hikes of 20% or more, according to state data and consumer complaints. The situation has sparked outrage, particularly after revelations about the hefty compensation packages of executives at Slide Insurance, a Tampa-based company that has seen rapid growth in the state.
Bruce Lucas, CEO of Slide Insurance, paid himself more than $21 million in 2024, while his wife, the company’s chief operating officer, received $16.5 million. Together, they took home over $50 million in salary, stocks, and bonuses, as reported in a 132-page filing with the U.S. Securities and Exchange Commission. This has raised eyebrows, especially considering that Slide Insurance, which launched just three years ago, now holds over 340,000 policies, the majority of which were acquired from Citizens Property Insurance.
“It’s shocking they’re making that kind of money while people struggle to pay their bills, rent, and food,” said Cape Coral resident Bob Esposito. The company’s profits nearly doubled to $201 million in 2024, further fueling public discontent.
Consumer advocates have been vocal about the issue, highlighting the disparity between the financial struggles of policyholders and the lucrative compensation packages of insurance executives. “We keep hearing stories about how these ‘poor struggling insurance companies’ are being taken advantage of, and that’s why they need to keep raising rates. Meanwhile, the executives are profiting handsomely,” said Doug Quinn of the American Policy Holder Association.
The compensation of Slide’s CEO is particularly noteworthy, being three times that of some other Florida-based insurers and rivaling even major national companies. Lucas’ 2024 earnings were only slightly less than those of State Farm’s CEO, who earned $24 million during the same period.
Residents like Mary Bousquet from Cape Coral expressed their frustration, stating, “The greed! The rich get richer, and the poor get poorer. It’s just so unbalanced. The whole thing is out of control — it has to be fixed somehow.”
When WBBH reached out to Slide Insurance for comment, they were told the company was in a ‘quiet period’ and unable to respond.
