Special Florida Insurance Session Welcomed, but Will It Come Soon Enough?
By William Rabb | April 19, 2022
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With Sprowls still Speaker, better question is, will any meaningful reforms actually be made?
If the goal is to enact reforms to impact June 1 & Reinsurance renewals, they were needed last year. That ship’s sailed..
I think they will throw a hail mary by increasing FCHF coverage and lower the attach rate. Without that we will certainly see failure.
*FHCF that is
I fear that would really only be a band-aid. It might help a little bit but it doesn’t change the overarching issue of excessive litigation. That’s the primary driver, and I’m unsure if politicians could come up with a bipartisan solution to solve such a deep issue.
If it buys us until we have a new speaker I’m all for it.
Given the Billions in extra capacity the FCHF has that most insurers have yet to dip into despite heavy CAT activity in recent years – I’d go all-in on that bet.
I hate government intervention and so forth but, loopholes in the laws allow lawyers to charge two to five times normal fees on a homeowners claim and that just has to stop. To really save the FL HO enterprise we will probably need a bail in/bail out of some kind. Not sure how it would work really but, if a major player goes down (like FedNat) the disruption and chaos will not be controllable.