Florida lawmakers can expect substantial pressure to tackle the assignment of benefits (AOB) and water loss claims crisis from the state’s insurer of last resort when Florida’s legislative session begins early next year. At a governing board meeting Wednesday, leaders …
The Florida Office of Insurance Regulation approved a 6.4 percent overall rate increase for 2017 for Citizens Property Insurance Corp. homeowners’ multiperil policyholders across the state. According to Citizens, the increase is necessary to address what it calls a disturbing …
David Einhorn’s Greenlight Capital Re Ltd., the reinsurer seeking to reverse underwriting losses, is pushing into the mortgage-guaranty market after being burned by fraudulent claims on property policies in Florida. Greenlight Re has been struggling to find profitable insurance underwriting …
Florida’s insurer of last resort, Citizens, has expanded its efforts to curb increasing water loss claims with a new Water Mitigation Estimate Review Program. Citizens Chief Claims Officer Jay Adams said the new program will provide Citizens with “certified and …
After review by the Florida Office of Insurance Regulation (OIR) and much criticism from Florida stakeholders, Florida-based Heritage Property & Casualty Company has withdrawn its request for an overall 14.9 percent increase of homeowners insurance rates in the state. The …
Citizens Board of Governors has approved recommended rates for 2017 that equal an average rate increase of nearly 7 percent statewide. The company said the increase is a necessary response to rising non-weather water losses and assignment of benefit (AOB) …
Citizens Property Insurance Corp. is alerting policyholders to important policy changes beginning July 1 as part of the state-backed insurer’s efforts to improve communication and protect customers early in the claims process while controlling costs that it has said threaten …
Abuse of assignment of benefits (AOB) from water loss claims has become a full-blown Florida insurance crisis that will mean higher insurance rates next year and for the foreseeable future for every Florida policyholder, according to Citizens Property Insurance Corp. …
Citizens Property Insurance Corp.’s board of governors has approved a slate of recommendations aimed at reducing the impact of what it calls skyrocketing water-loss claims that could reverse progress made in returning Citizens to the state’s insurer of last resort. …
The frequency and severity of water loss claims in Florida have increased every year since 2010, according to data call results from the Florida Office of Insurance Regulation (OIR). During the same period, there has been a 10 percent increase …
