florida insurance crisis News

Former Florida Commissioner Warns Officials Not to Shoot the Demotech Messenger

Former Florida Insurance Commissioner Kevin McCarty is criticizing current state regulators over their recent digs at the Demotech financial rating firm, after Demotech warned it would downgrade more than a dozen property insurers in the state. “Demotech is merely the …

Another View on Florida Ratings Flap; and Petrelli Calls Citizens Re Idea ‘Creative’

The recent brouhaha regarding Demotech and its Financial Stability Ratings (FSRs) of as many as 20 Florida insurers has now come full circle…almost. One important question remains unanswered. Before answering the question, and for those who’ve just joined the discussion, …

Florida CFO Wants More Insurance Fraud Investigators, Education Campaign

Ahead of next week’s special legislative session, Florida’s chief financial officer is asking lawmakers for $6.5 million to fund 23 new investigative positions and to launch a public education campaign, part of his proposal to combat insurance fraud and reduce …

Florida Lawmaker Holds Town Hall Meetings on Insurance Crisis

In a sign that Florida’s property insurance problems continue to be a hot-button issue, a Florida state representative will hold town hall meetings next week to hear from stakeholders. State Rep. Kamia Brown, D-Orlando, announced the “State of the Insurance …

Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms

A bill passed by the Florida Legislature to address the state’s property insurance crisis has created optimism among some stakeholders, while others say it will not reduce rates over the next 18 to 24 months or stop the state’s out-of-control …

Florida Legislature Passes Major Changes to Auto, Property Insurance Markets

Florida lawmakers passed two bills on the last day of their 2021 legislative session that make major changes to the state’s auto and property insurance markets. The actions follow weeks of back-and-forth debate on the proposals between the House and …

Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business

New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation. The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO …

NAIC Data: Florida Property Lawsuits Total 76% of Insurer Litigation in U.S.

New information from Florida’s insurance regulator paints a stark picture of the extent of litigation facing the state’s domestic insurers. The information comes as numerous stakeholders push for legislative reforms to address the litigation issue they blame for fueling the …

Florida Senate Passes Property Insurance Reform Bill

A bill backed by the Florida insurance industry and other stakeholders aimed at addressing the state’s insurance market woes was passed in the Senate chamber this week but faces an uncertain future as the companion bill in the Florida House …

Fate of Florida Insurance Reforms Uncertain as Lawmakers Weigh Industry-Backed Bills

Two bills designed to deal with Florida’s crumbling property insurance market have embarked on divergent paths in the state legislature as lawmakers approach the final weeks of the 2021 session. Senate Bill 76 and House Bill 305, both originally supported …