Property insurance claims are down 9% and in general, most Florida insurers are seeing a decline in litigated claims, according to a report by CaseGlide.
CaseGlide reported that litigated claims are down to 3,909 from 4,313 claims last month. CaseGlide monitors 17 insurers in Florida and 13 of them showed a decline in the month of September. There were some increases, however, with three insurers showing a 3- to 20% increase. One insurer stayed at the same rate. The report adds that of the insurers that declined, six declined less than 10%, four declined between 11- and 20% and three declined more than 20%.
“We believe the 2021 September results are following a similar, post-legislation pattern as they did in 2019 after the Florida AOB Reform Bill took effect in July of that year,” said Wesley Todd, CEO of CaseGlide. “Like in 2019, the results this year indicated a sharp increase prior to Florida Senate Bill 76 taking effect in July, with a decline following. We’ll continue to monitor these results carefully over time to better evaluate the Senate Bill’s impact.”
Assignment of Benefit (AOB) claims were at 26%, which is the highest since January 2020. The report adds that the southern Florida counties tend to have the highest percentage of new litigated claims. Miami-Dade County is 24% of claims, Broward County is at 18% and Palm Beach is at 7%. Orange County was 8% of newly-litigated claims in the month of September. The report also says these percentages have stayed fairly consistent this year.
CaseGlide was founded in 2013 and is described on the company website as “the most innovative, efficient and powerful claims litigation software platform in the industry. The company takes data and puts them into workflows and dashboards. It is intended to help claims professionals and defense lawyers succeed.