assignment of benefits

Share

Don’t over-estimate pricing impact of AOB reform in Florida: A.M. Best

Rating agency A.M. Best warned of concerns that insurers may over-estimate the benefits of recently passed legislation to reform the assignment of benefits (AOB) system in Florida in their pricing.While A.M. Best notes that it is "cautiously optimistic" on the impact the legislative reform can have on insurers over time, read the full article →

AOB reform to rationalize Florida cat bond loss development: Cadwalader

The legislative bill designed to reform the assignment of benefits (AOB) system in Florida could benefit the catastrophe bond market, with loss development potentially rationalised thanks to reduced litigation and enhanced claims disclosure, lawyers at Cadwalader, Wickersham & Taft LLP explained.The passage of HB 7065 through the House and now read the full article →

Citizens halves Florida homeowners rate change thanks to AOB reform

Florida's Citizens Property Insurance Corporation has revealed that its homeowners insurance premium rate need has almost halved after taking into account the recent enactment of legislation designed to reform the assignment of benefits (AOB) system.Citizens said in an update on its rate needs for the year ahead that the average read the full article →

Florida assignment of benefits (AOB) reform signed into law

Florida's Governor Ron DeSantis has now signed into law the bill that aims to reform the practice of assignment of benefits (AOB), so increasing the chances that the insurance and reinsurance market can get a firmer grip on the runaway claims inflation seen with recent hurricanes that hit the state.The read the full article →

Citizens increased reinsurance costs reflect firmer Florida market

The risk transfer planning at Florida’s Citizens Property Insurance Corporation is underway after a board meeting that approved a $110 million budget to secure $703 million of fresh reinsurance coverage for 2019.That's quite an increase from the $92 million budget to secure $940 million of fresh reinsurance protection that Florida read the full article →

Citizens: AOB reform could reduce Florida homeowners rate need by 15%

The enactment of a bill designed to reform the assignment of benefits (AOB) system in the state of Florida has the potential to reduce homeowners insurance rate need by an average of 15% and in some cases in the south of the state as much as almost 18%.The passage of read the full article →

Too early to tell how AOB reform will affect reinsurance pricing: Universal CEO

With a bill designed to reform assignment of benefits (AOB) having passed the Florida Senate this week, already discussions are turning to how the market impact will be quantified and whether it will reduce reinsurance pricing.SB 122 (once HB 7065) passed the Florida Senate vote by 25 to 14 this read the full article →

Assignment of benefits (AOB) reform passes Florida Senate

Meaningful reform could be on the way for the Florida insurance market, as a bill designed to reform the age-old practice of assignment of benefits (AOB) passed the Senate vote yesterday.Having passed the Senate vote by 25 to 14, SB 122 (once HB 7065) now heads to the Governor Ron read the full article →

Florida Citizens lifts reinsurance & risk transfer to $1.6bn for 2019

Florida’s Citizens Property Insurance Corporation is set to buy a larger reinsurance program for 2019 as it adds $200 million of coverage for non-coastal residential properties its covers following increasing losses from hurricanes, non-weather water-loss claims, litigation and assignment of benefits abuse.In the past Citizens has only purchased reinsurance and read the full article →

Lower cost reinsurance can offset AOB related rate hikes: COIN Re

COIN Reinsurance believes that the inevitable escalating rate hikes that hit insurance buyers due to loss adjustment and assignment of benefit (AOB) expenses can be countered by lower cost reinsurance for carriers.COIN Re, a recently launched Florida focused and headquartered property reinsurance broker that has aligned itself with Beach Group, read the full article →