Barry Gilway: What has happened to the Florida property insurance market?
Last week, we got an answer.
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% in a year?
Last week, we got an answer.
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.
While the NAIC data is incredible, it is not unexpected. Florida domestic insurance companies posted a $1.6 billion operating loss in 2020, the latest of four progressively unprofitable years. While storm activity played a part in last year’s losses, remember that no major storms hit Florida in 2020. Instead, the major reason for these unsustainable losses is excessive and abusive litigation on a scale that exis
You don’t have to be an insurance expert or good with math to look at a couple of numbers and realize Florida’s property insurance market is a disaster.
NAIC Data: Florida Property Lawsuits Total 76% of Insurer Litigation in U.S.
New information from Florida’s insurance regulator paints a stark picture of the extent of litigation facing the state’s domestic insurers. The information comes as numerous stakeholders push for legislative reforms to address the litigation issue they blame for fueling the current insurance market crisis.
According to National Association of Insurance Commissioners (NAIC) data mined by the Florida Office of Insurance Regulation, while Florida homeowners insurance claims accounted for just over 8% of all homeowners claims opened by U.S. insurers in 2019, homeowners insurance lawsuits in Florida accounted for more than 76% of all litigation against insurers nationwide.
By Brian Mudd
Apr 13, 2021
After a month-long trend in the increase in COVID-19 cases, the Florida Department of Health reported better news on Monday. Only 1,613 new cases were reported, the lowest daily total since October 12th. As for vaccines, 7.3 million Floridians have now been
vaccinated with at least a first dose of a COVID-19 vaccine. This includes over 4.4 million people who’ve now completed the vaccine schedule.
The Biden administration released a summary
document on Florida’s proposed projects based on the proposed infrastructure plan. While light on details, the two-page summary outlined twelve areas of proposed projects ranging from traditional bridge and road projects to the creation of carbon capture facilities.
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TALLAHASSEE, Fla. The Florida Senate on Thursday approved Senate Bill 76, which is designed to stop frivolous roofing claims and lawsuits.
What You Need To Know
State Senate passes legislation to curtail frivolous roofing claims, lawsuits
Some experts had blamed those factors for surge in insurance premiums
In a Spectrum News 13 Watchdog investigation in February, experts and lawmakers said so-called fraudulent roofing claims were to blame for a surge in home insurance premiums in recent years.
In the first nine months of 2020, insurance companies requested dozens of double-digit increases, according to the Florida Office of Insurance Regulation. The state approved many of those requests.