Florida property insurers News

A.M. Best: Hurricane Irma to Test Florida Market Newbies

Although insured losses as a result of Hurricane Irma will not be as severe as originally forecast, the storm still represents a sizeable catastrophe event that will test the infrastructure and potentially strain the financial wherewithal of some local and …

Florida on Alert for AOB Abuse as Irma Recovery Begins

As Florida residents return home after being evacuated by Hurricane Irma, the pressure is on the insurance industry to keep a bad situation regarding assignment of benefits abuse in the state from getting worse. Florida regulators, carriers, industry trade groups …

Florida Insurers Place All Options on Table to Address AOB Abuse

Florida’s home insurers hope the public doesn’t blame them as they implement rate increases, initiate coverage changes and nonrenew policies. They say they have no choice after the Florida Legislature for the fifth year in a row failed to address …

Florida Lawmakers Once Again Fail to Pass AOB Claims Reform

Florida lawmakers have once again let slip an opportunity to address insurance claims abuse, as legislation failed to make it through the Senate before the 2017 legislative session ended Friday. This is the fifth consecutive year that a bill on …

Florida House Advances Bill Targeting Claims Abuse, But Senate Battle Looms

A bill aimed at decreasing insurance claims abuse in Florida has made it through the Florida House, and the industry’s hope for assignment of benefits reform now officially rests with the state Senate. The Florida House of Representatives advanced House …

Florida Launches AOB Resource, Education Webpage for Consumers

The Florida Office of Insurance Regulation (OIR) has launched a new webpage as part of its efforts to educate Florida consumers about the state’s ongoing challenges with assignment of benefits abuse. The AOB resource webpage has been added to the …

Florida Senator Alleges ‘Smear Campaign’ After Industry-Backed AOB Bill Stalls

A bill backed by the insurance industry to curb the abuse of Florida’s one-way attorney fee statute in assignment of benefit claims has stalled as lawmakers opted to instead advance what the insurance industry and the state’s regulator feel is …

Citizens Posts Net Loss of $27M for 2016; Says Water Losses, AOB Abuse to Blame

Citizens Property Insurance Corp. will post a net loss for 2016, its first loss in more than a decade, as water loss claims, assignment of benefit (AOB) abuse and litigation costs increasingly impact the company’s bottom line, according to a …

2017 Florida Insurance Legislation to Watch

The Florida insurance market has been a hotbed of controversy over the last year, and many are looking at the Florida State Legislature to alleviate some of the concerns coming from consumers, businesses and the industry itself. From insurance fraud …

First Florida Bill Addressing AOB Introduced for 2017 Session

Florida now has legislation backed by the top Florida insurance regulator and the industry that promises to curtail homeowners insurance abuse under the assignment of benefits (AOB) feature. Senate Bill 1038, filed Feb. 17 by State Sen. Dorothy Hukill and …