According to reports by the Insurance Journal, Mercury General said it would begin the process of withdrawing from Florida's homeowners insurance market. The company expects the withdrawal to be complete in the second half of 2012. Read the entire story here
As reported by the Gulf Coast Business Review, a major hurricane hasn’t hit Florida in five years, yet the state’s property insurer remains vulnerable to catastrophe. Floridians face a stark choice when it comes to fixing Citizens Property Insurance Corp: Pay now or pay later. Read the entire story here
The New Times provides a wrap up of South Florida media coverage on PIP fraud Read the entire story here
The Sun-Sentinel explores PIP attorney fees and the history of PIP fraud in Florida in this investigative piece from January 2011. According to the article, Miami Gardens-based United Automobile Insurance Company has spent about $80 million over the past four years fighting lawsuits in this state. Sun-Sentinel PIP Fraud Story
State Auto Financial Corporation completed the previously announced sale of its non-standard automobile insurance subsidiary, State Auto National Insurance Company, to Hallmark Insurance Company of Fort Worth, Texas, effective Dec. 31. Read the entire story here
A state-run insurance pool, stricter regulations on public insurance adjusters and shifting the burden of proof on claims are among the options posed by Senate committee for curbing sinkhole claims that have tripled since 2006. Read the entire story here
If you're a homeowner in Florida still covered by State Farm, cross your fingers. Read the entire story here
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
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 plans to revoke $5 million worth of discounts from policyholders. Read the entire story here