Florida insurance lawsuit data misleading, expert says orlandosentinel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orlandosentinel.com Daily Mail and Mail on Sunday newspapers.
No gimmicks. No mascots. No problem. A Jersey institution plays it straight amid the noise.
Updated Apr 18, 2021;
Posted Apr 18, 2021
Traffic lines up on the approach to the Holland Tunnel in this file photo. (Aristide Economopoulos/The Star-Ledger) SL
Facebook Share
Insurance companies spend billions of dollars a year to capture the attention of Americans with witty jingles, animated mascots and slogans that stick in our brains, whether we like it or not.
The big insurers – GEICO, Progressive, Allstate, Liberty Mutual and Aflac, to name a few – won’t admit it, but branding has become more important than the actual products they sell. It drives market share to keep a company’s name top of mind.
How did we move in just five years from a vibrant market where financially solid companies competed for business to an unhealthy environment where policyholders who have never filed a claim are being dropped or see their premiums jump by 30, 40, 70 percent in a year?
Recently, we got an answer.
The Florida Office of Insurance Regulation reviewed 750 insurance companies from around the country. It found that Florida accounted for only 8 percent of all claims filed nationwide in 2019, but nearly 76 percent of all lawsuits. That number, taken from data gathered by the National Association of Insurance Commissioners, is not only mind-blowing but clearly unsustainable unless Floridians accept the level of rate increase we are seeing today.
To print this article, all you need is to be registered or login on Mondaq.com.
On March 3, 2021, the New York Department of Financial Services
(DFS) announced that Residential Mortgage Services,
Inc. ( Residential Mortgage or the Company )
would pay a $1.5 million penalty for violations of the
Cybersecurity Regulation, 23 N.R.C.R.R. Part 500. Just six weeks
later, on April 14, 2021, DFS announced (https://www.dfs.ny.gov/reports and publications/press releases/pr202104141)
another settlement agreement with insurance brokerage firm National
Securities Corporation ( National Securities or the Firm ). These two enforcement actions under the
Cybersecurity Regulation coming in quick succession, and just
Demotech Assigns Financial Stability Rating® to Centerline Property and Casualty Insurance Company
News provided by
Share this article
Share this article
COLUMBUS, Ohio, April 19, 2021 /PRNewswire/ Centerline Property and Casualty Insurance Company has earned a Financial Stability Rating
® (FSR) of A,
Exceptional, from Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing.
FSRs summarize Demotech s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989,