Litigated claims remain a potent factor in Florida’s increasingly challenging property insurance market as recent reform measures have yet to yield tangible benefits, Citizens Property Insurance Corp. officials said at a recent board meeting.
Citizens Property Insurance Corp, the insurer of last result in Florida, remains on solid financial ground despite regulators deciding not to give the state-run company its requested overall rate increase last month, company officials said.
Three companies accused by Citizens Property Insurance Corp. of fraudulently increasing property damage claims amounts over multiple years have agreed to pay Citizens $1 million to settle a lawsuit.
The number of lawsuits filed against Florida’s state-run Citizens Property Insurance Corp. rose by a third from 2020 to 2021 as Citizens took on a rising level of claims amid uncertainties in the state’s property insurance market.
Battered by natural disasters and the man-made peril of frivolous and sometimes fraudulent litigation, Florida’s property insurance industry now finds itself burdened by financial losses and seeking rate hikes.
TALLAHASSEE -- Florida assignment of benefits lawsuits involving property insurance have been dropping since an AOB reform bill took effect in July, according to preliminary data.
TALLAHASSEE (Florida Record) – Assignment of benefits (AOB) reforms that took effect earlier this week will be a boon for consumers but it isn't clear whether litigation provisions will reduce lawsuit abuse in Florida, according to a spokesman for the state-backed Citizens Property Insurance Corporation.
LAKELAND, Fla. – The Second District Court of Appeal has ordered a new trial in a breach of contract case against Citizens Property Insurance Corporation.
TALLAHASSEE – A Florida Senate panel gave a thumbs-up Tuesday to a bill that would prevent property insurers from including attorney fees and other legal costs in their rate base, despite opposition from insurance firms and other business interests.
