State Farm in final phase of dropping homeowners insurance policies
If you're a homeowner in Florida still covered by State Farm, cross your fingers. Read the entire story here
National Underwriter: Fla. High Court PIP Ruling To Create ‘Tsunami Of Litigation’
The Florida Property & Casualty Association along with other insurance industry trade associations have joined together in filing an Amicus Brief with the Florida Supreme Court in support of United Automobile Insurance Company’s request for a rehearing in a case involving personal injury protection automobile coverage. To read the entire National Underwriter article click here
Sinkhole changes for Florida insurers
Years after the hurricanes of 2004 and 2005, Florida homeowners and insurers are still dealing with sinkhole claims. According to the Daytona Beach News-Journal, "The sinkholes at issue aren't the mammoth holes that suddenly open and swallow a house. Insurers are required to issue catastrophic ground cover collapse for those. In 2007 the definition of a sinkhole [...]
Citizens Property Insurance revokes discounts
Citizens Property Insurance plans to revoke $5 million worth of discounts from policyholders. Read the entire story here
Broward cities or Insurance Companies: Whose taxes are worse?
According to the Sun-Sentinel's Broward Politics blog, Tamarac Commissioner Harry Dressler wants public outrage and attention shifted off city government tax hikes to property insurers, where, he says, residents often get more of a financial hit. Read the entire story here
Case Involving Omission of Separate Hurricane Deductible Warning Language in Surplus Lines Policies Advances
In an October 18, 2010 order, a federal judge has denied the Defendants' motion to dismiss a putative class action alleging that Lloyd's of London property insurance policies violate Florida law by omitting the existence of separate deductibles for hurricane damage. The Plaintiffs seek to represent a class of policyholders who submitted claims for hurricane [...]
Florida Insurance Commissioner Approves 7.8 Percent Workers’ Comp Rate Increase–Lower Than National Council on Compensation Insurance Recommendation
Florida Insurance Commissioner Kevin McCarty approved a 7.8 percent workers' compensation rate increase today, October 15, 2010. This rate is lower than the 8.3 percent originally requested by the National Council on Compensation Insurance at a hearing earlier this month.
Guy Carpenter Executive Kevin Stokes: New Florida Unit to Serve ‘Largest Cat Zone’
According to the A.M. Best Company, reinsurance broker Guy Carpenter & Co. is opening a dedicated Florida unit to target "the largest catastrophe zone in the world," said Kevin Stokes, executive vice president and leader of the new unit. Read the entire story here
Reinsurance specialist Guy Carpenter forms dedicated Florida business unit
As reporter by the Insurance Journal, Reinsurance specialist Guy Carpenter & Co., LLC, a part of the Marsh & McLennan Cos., has formed a dedicated Florida business unit. The new unit, based in Tampa, will address the complex needs of Florida-based companies and the Florida insurance and reinsurance marketplace. Read more: http://www.insurancejournal.com/news/southeast/2010/10/12/113957.htm#ixzz12GZbsrcN
Review Could Lead to Layoffs at State Farm
State Farm spokesman Michael Grimes said the companywide review is under way but he said the Illinois-based insurer has not determined how many positions could be affected at its Florida headquarters in Winter Haven, which employs about 1,400 people. Read the entire story here