assignment of benefits (AOB) News

Suspension of Florida Lawyer Accused of Causing ‘Great Public Harm’ Justified: Judge

A Florida judge has recommended the Florida Supreme Court deny the motion to dissolve the suspension of a Florida attorney who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over …

Florida’s Citizens Accuses Embattled Law Firm, Others of Sham Lawsuits, Racketeering

Florida’s state-run Citizens Property Insurance Corp. has joined a chorus of insurance companies accusing the Strems Law Firm of lawsuit abuse. Citizens says it has lost millions of dollars due to an alleged scheme of “sham” claims by the law …

Reinsurers Maintain Upward Pricing Momentum—But Will It Last?

Positive pricing momentum—it’s the favorite phrase of many reinsurance executives, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond. The question is whether they will be disappointed, once again. Over …

Fake Claims, Price Gouging, Bogus Contractors: How Fraudsters Steal Disaster Aid

As the scale and frequency of major disasters escalate, millions of dollars in federal, state and insurance payments intended for recovery efforts are being stolen by fraudsters taking advantage of chaos and the pipeline of aid flowing into the stricken …

Fix Assignments of Benefits Now

I recently received an email from a Florida “snow bird”. If you’re not familiar with the term, it refers to people who make their home in two places. In the warm months, they make their homes in northern climates, such …

Florida’s Citizens Approves Changes to Managed Repair Program to Stem AOB Abuse

Citizens Property Insurance Corp. has approved a slate of policy language changes designed to protect consumers while addressing rising costs of nonweather water loss claims and related litigation that continue to drive premiums higher, according to a statement from the …

Demotech Affirms ‘A’ Ratings of Florida Insurers

Demotech will not downgrade any of the 16 Florida homeowners insurers that it said earlier this year could face financial stability ratings (FSRs) adjustments because of hurricane losses and assignment of benefits litigation during 2017. The announcement comes after the …

Demotech Holds-Off on Affirming ‘A’ Ratings for 16 Florida Insurers

A company that rates many Florida property/casualty insurers believes hurricane losses and assignment of benefits litigation during 2017 could affect some insurers’ financial ratings. Ratings company Demotech says it will wait until it has analyzed year-end financial information, revised business …

Just a Few Thoughts About Assignments of Benefits

You may have figured out that I like to watch the insurance news. I mean, I work for the company that produces my favorite insurance news (Insurance Journal) and I don’t say that just because I work here. I was …

Assignment of Benefits Abuse Tops Florida News for 2017

Florida’s ongoing battle with assignment of benefits (AOB) claims abuse was not a new topic in 2017, but it was certainly one of the hottest ones for Southeast readers. From threats of insurer ratings downgrades caused by the escalation in …