Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation…
A memorandum released last week by Florida Insurance Commissioner Kevin McCarty warning insurers in the state not to use price optimization in rating has gotten cheers from a consumer advocate group and jeers from an insurance industry trade association that says the definition of the practice used is too vague. The memo, released May 14…
Robert Trigaux, Tampa Bay Times Business Columnist One of the very few Florida property insurers that is “A” rated by one of the state’s leading private rating firms is rapidly downsizing. State-run Citizens Property Insurance is busy handing hundreds of thousands of its Florida policyholders in bulk to young, lower-rated small insurers in the state.…