AM Best’s composite of Florida property insurance companies hit five-year performance and surplus lows in 2020, and given persisting and significant market hurdles, companies will find sustaining current surplus levels a challenge, according to a new commentary from the ratings …
Two Miami residents have been arrested for allegedly acting as public adjusters without a license and filling false insurance claims with Citizens Property Insurance Corp., according to a statement from the Florida Department of Financial Services (DFS). The CFO’s Division …
Several changes came to Florida’s Citizens Property Insurance Corp. Board of Governors this month with two new appointments and the approval of one board member to serve as a representative for the Florida Insurance Guaranty Association (FIGA). Florida Chief Financial …
The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …
After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …
For 22 years, the Florida Association of Insurance Agents has been led by Jeff Grady, president and chief executive officer, who admits that when he started all those years ago he did not expect to “fall in love with insurance …
Former Florida State Representative Jose Felix Diaz Florida has been appointed to the Citizens Board of Governors for a three-year term beginning August 1. Diaz was appointed by House Speaker Jose Oliva, R-Miami. Diaz currently serves as executive vice president …
From the threat of insurer ratings downgrades to mounting carrier losses because of excessive litigation to increasing insurance rates, Florida’s insurance market got off to a rocky start in 2020. Then came the COVID-19 global pandemic, causing further stress to …
Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane season. In a May 12 consent order, …
It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may be surprising for insureds, however, is how substantial the …
