A new state report points to signs that recent tort reforms aimed at reducing litigated property insurance claims are gaining traction, but industry officials caution that more time is needed before any victory can be declared in the current insurance crisis.
Among Florida counties, Monroe posted the highest average property insurance premium cost for single-family homes – $7,162 – according to new data from Florida insurance regulators that highlights continuing challenges for the state’s insurers.
A national insurance rating association has recommended that workers’ compensation rates paid by Florida businesses be reduced 8.4% in 2023, drawing applause from business groups whose members struggle with inflation and rising wages.
Florida insurance regulators last week pitched a contingency plan to help property insurers weather any turmoil in the market caused by a ratings agency’s plan to downgrade the financial status of 17 insurers.
A ratings company said it plans to downgrade the financial status of 17 Florida insurance companies, sending shockwaves around the struggling industry and putting millions of homeowners in danger of violating the terms of their mortgages.
A trade association has filed a lawsuit against Florida’s insurance commissioner and two insurers, alleging that recently approved policy language changes designed to reduce litigated property insurance claims violate state law and the Florida Constitution.
A workers’ compensation data analysis recommends a 4.9% decrease in the workers’ comp insurance rates paid by Florida employers, suggesting that workplaces are becoming more safe.
The Florida property insurance reforms signed into law earlier this month are already producing some encouraging signs that the market is in the process of recovering from rising litigation costs and premium rates, according to the state’s insurance commissioner.
Florida residents opened more than three-fourths of all the homeowner insurance lawsuits filed in the U.S. in 2019, new data from the Florida Office of Insurance Regulation (OIR) shows.
Florida insurance regulators are working with insurers to provide consumers with credits on business and auto insurance policies as a result of the economic disruptions created by the coronavirus situation.
The Florida property insurance market is entering an era of more mergers and acquisitions, fewer consumer choices and insurer rating downgrades as cost drivers in the state, including civil litigation, continue to weigh heavily on companies.
Several Florida insurers have filed requests for double-digit rate increases as high as 47 percent amid concerns that some companies will see their financial ratings downgraded in the coming year.
Florida lawmakers are poised in the coming year to make another run at repealing the state’s no-fault auto insurance system, which critics charge is subject to fraud, high costs and excessive civil litigation.
The National Council on Compensation Insurance has filed a recommendation to the Florida Office of Insurance Regulation, requesting a statewide decrease for workers’ compensation premiums, a move the National Federation of Independent Business believes is both a warning sign and an indicator of progress.
TALLAHASSEE -- The Florida Office of Insurance Regulation puts the responsibility of attaining lower automobile insurance in the hands of the drivers after the release of a national study by The Zebra shows Florida among the top three states with the highest rates.
TALLAHASSEE -- Although Florida’s assignment of benefits reform came into effect July 1, the state’s Office of Insurance Regulation sees a long road ahead before changes in the state’s insurance policy will trickle down to consumers.
TALLAHASSEE -- Florida residents pay the fourth highest auto rates in the nation — an average of $2,059 a year, a 2019 report has found. Watchdog group the Florida Justice Reform Institute (FJRI) says PIP, Florida’s personal injury protection mandate, bears much of the blame for the state's high rates.
Insurance industry officials in Florida have yet to see evidence a wave of costly third-party claims stemming from Hurricane Irma, but companies are bracing for an uptick in what’s called assignment-of-benefits (AOB) cases.
ORLANDO (Florida Record) – The Florida Legislature's upcoming 2018 session might be the time when state lawmakers finally address the assignment of benefits and other insurance-related scams in a post-Hurricane Irma environment, an insurance regulation attorney said during a recent interview.
