WFSU: Capital Report
Florida Property & Casualty Association Executive Director William Stander was interviewed by WFSU radio in a segment on rising insurance rates and litigation. Please click here to listen to the full interview.
PC360: Florida’s new AOB insurance law is conjuring a storm
Every time Santa Rosa Beach restoration contractor Ken Larsen submits a request for payment, he braces himself. It’s always a fight, Larsen says, that rumbles for weeks, months, years, catapulting between 40% and 80% of his annual earnings into limbo. Read more from Property Casualty 360 here.
Insurance Journal: Ratings Agency Ignites Controversy Over Financial Strength of Florida Insurers
With Florida about to enter peak hurricane season, a state insurance association representing more than a dozen insurers in Florida is hitting back against a recent report from ratings agency Weiss Ratings that identified 10 Florida-based insurers as “weak.” The insurer trade group, the Florida Property & Casualty Association (FPCA), dsiputes the “weak” assessments by [...]
Palm Beach Post: How safe is your home insurer in 2018? What you need to know
Hurricane Irma’s claims in Florida are still climbing to nearly $10 billion and nearly 10 percent are not closed, but the 2018 hurricane season barged right in anyway. It could not even wait until its official start date of June 1 to generate a named storm, Alberto. Read more from the Palm Beach Post here
Sun-Sentinel: Lawmakers to take another stab at ending claims abuses blamed for rate hikes
Will 2018 finally be the year that property insurers and trial attorneys agree on legislation aimed at curbing costly claims abuses and excessive lawsuits? Read more from the Sun-Sentinel here
Palm Beach Post: After Hurricane Irma – How emergency insurance order affects you
An emergency order from Florida’s insurance commissioner issued Wednesday evening gives consumers special protections after Hurricane Irma, including 90 additional days to file claims and a temporary freeze on rate hikes and cancellations. Read more from the Palm Beach Post here
Insurance Journal: Insurance Industry Preparation for Hurricane Irma in Full Swing in Florida
Insurers are taking no chances in preparing for Hurricane Irma as the powerful category 5 storm slogs its way through the Caribbean, devastating the communities left in its wake on its potential path towards the U.S. Read more from the Insurance Journal here
Miami Herald: Could Hurricane Harvey impact South Florida’s homeowner insurance rates?
Hurricane Harvey’s devastating property damage toll will easily be counted in the billions of dollars, but insurance industry experts say they shouldn’t have an impact on property insurance rates in hurricane-prone Florida. Read more from the Miami Herald here
Insurance Insider: Florida AOB crisis flares as groups game system: study
Florida's assignment of benefits (AOB) crisis can be partly blamed on a small number of lawyers and service providers who have helped fuel the explosive growth in lawsuits brought against insurers in recent years, a new study shows. Read more from Insurance Insider here
Palm Beach Post: Fla. insurers to get lower safety grades: How many? Demotech mum
The Florida Property & Casualty Association, representing a number of state-based companies, said this in a statement: “Ratings agency Demotech recently issued a press release advising they are making changes in the way they evaluate home insurance companies in Florida. This reflects their view of the state’s property insurance market which is deteriorating because of claim fraud, assignment of benefits abuse, and [...]