assignment of benefits

Despite attempts to reform the Florida property insurance market and the fact newly litigated claims dropped in February 2022, the litigation exposure of P&C insurance carriers in the state remains a concern, according to Wesley Todd, CEO of CaseGlide.

The level of litigated claims is on the increase in Florida despite legislative efforts to stem the tide, leading Wesley Todd, CEO of CaseGlide to say the trend is “concerning”, after new litigated claims jumped 37% month-on-month in January 2022 for Florida’s largest P&C insurers.

The latest property insurance rate increase filings submitted by carriers in Florida are calling for really significant uplifts in pricing, suggesting the primary market still believes more rate is required to support sustainable profits, which implies reinsurance firming also needs to continue in the state.

Litigated claims related to the assignment of benefits (AOB) have increased in Florida for property and casualty (P&C) insurers, according to the latest data from CaseGlide.

United Insurance Holdings (UPC Insurance), the Florida headquartered and still focused insurer, has revealed a further $150 million of loss creep related to 2017’s hurricane Irma, which the company booked at the end of Q1 2021.

Florida headquartered insurer United Insurance Holdings (UPC Insurance) has said that it anticipates the Florida personal lines property insurance market remaining “very firm for the foreseeable future”.

The litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021.

Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds.

Florida’s Citizens Property Insurance Corporation has increased its policy count by 28% in just the last 18 months and the insurer expects its growth to continue at an unsustainable rate, which now makes it “the insurer of first resort,” according to its Chairman.

The opportunity to takeout insurance policies from Florida’s Citizens Property Insurance Corporation may return once again, as the insurers portfolio is expanding faster than it expected and it feels some of the book may be attractive.