Florida AOB lawsuits News

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 …

Florida Supreme Court Suspends Attorney Behind Thousands of Insurer Lawsuits

The Florida Supreme Court has granted an emergency request by The Florida Bar to immediately suspend an attorney who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over the last …

Challenges Facing the Florida Insurance Market: A Reinsurer’s Perspective

Hurricanes Irma and Michael served as a reminder that Florida, more than any other state, is at risk of one of the most intense natural perils, namely hurricanes. The existence of a stable insurance market providing its customers with a …

Florida’s Citizens Revises 2019 Rate Filing; Will Request 2.3% Statewide Rate Increase

Citizens Property Insurance Corporation’s Board of Governors has approved a revised 2019 rate proposal that the company said reflects recent legislative changes that targets the ongoing abuse of assignment of benefit agreements and will reduce unnecessary litigation responsible for driving …

Citizens to Request 8.2% Rate Increase from Florida Regulators

Citizens Property Insurance Corp. will file for a statewide average increase of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters. The Florida insurer of last resort’s Board of Governors on Wednesday approved a 2019 rate package …

I.I.I. Study Cites AOB Abuse for Increasing Insurance Costs In Florida

A new study released by the Insurance Information Institute (I.I.I.) finds that Florida’s assignment of benefits (AOB) crisis has cost consumers billions of dollars in unnecessary litigation and inflated claim costs as the abuse continues to spread statewide. “In Florida, …

Florida AOB Reform Efforts Fail Again as Parkland Tragedy Derails Legislative Session

With over 900 items on the Florida legislative docket and only 60 days to consider them, it’s not surprising that many bills simply die in committee or are never seriously considered. Add to that a tragic event right in 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 …

Attorney, Vendor AOB Lawsuits Top Insurance Litigation in 2017: FJRI Report

Litigation from the abuse of assignment of benefits by third parties represented more than half of all Florida insurance litigation in 2017, and without a legislative fix those fueling the abuse will continue to get rich at the expense of …