“An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an ‘uncertain operating environment’ for Florida’s property insurers and that is will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies.” READ MORE.
“The prospect that a national rating firm might downgrade Florida insurance companies because of rising costs linked to assignment of benefits agreements has lit a fire under advocates of reforming those contracts.” READ MORE.
TALLAHASSEE An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an “uncertain operating environment” for Florida’s property insurers and that it will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies. Demotech, Inc., a company which…
As the Legislature debates restricting attorney fees in insurance litigation involving assignment-of-benefits agreements, a tort-reform group has identified a way to circumvent that fix. Attorneys could convince policyholders to file suit in their own name. A report, “Restoring Balance in Insurance Litigation,” released Monday by the Florida Justice Reform Institute, discusses that possibility in the context of…
SUN SENTINEL – OPINION If Florida drivers don’t get a replacement for the state’s overpriced no-fault auto insurance system this year, it will be Tallahassee’s fault. Bills in the House and Senate would abolish the nearly five-decades-old requirement to purchase $10,000 worth of Personal Injury Protection as part of the policy. Five years ago, the…
February is Hit-And-Run Awareness Month! ORLANDO, Fla. – Every February, Florida Highway Patrol shines a spotlight on the problem of hit-and-run accidents. Hit-and-runs are a big problem statewide, and FHP is using this month to bring awareness and educate drivers. “We have seen a dramatic increase in hit-and-runs here in the Central Florida area, especially…
Insurance Journal The insurance industry has an image problem. That is probably not really breaking news to anyone reading this, but it’s an important topic to discuss and one the industry can address and, believe it or not, an issue that can be resolved. The Florida Chamber of Commerce’s 2017 Florida Insurance Summit held in…
Michael Moline – St. Peters Blog A state senator proposing legislation to mitigate flood risk said Friday that lawmakers in Tallahassee don’t fully appreciate the extent of that risk. “I think my colleagues in the Legislature don’t quite understand the gravity of the situation — much like Congress,” said Jeff Brandes, a St. Petersburg Republican. “They…
Recent Florida Supreme Court decisions and ongoing abuse in Florida’s insurance market have led a ratings company to change the criteria it uses when rating insurers in the state. The announcement comes as insurers get ready to announce their 2016 annual reports that could indicate unfavorable results for many. Ohio-based Demotech — which rates 397…
Florida Politics – Michael Moline Insurance Commissioner David Altmaier laid out his office’s solution to the insurance assignment-of-benefits problem to Gov. Rick Scott and the Cabinet Tuesday, and it includes limiting contractors’ ability to recover attorney fees in litigation against insurance companies. Florida’s one-way attorney fee statute is intended to shield policyholders against legal bills if they want to…