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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: 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 →

Assignment of benefits (AOB) helped to drive hurricane loss creep

In the state of Florida the incidence of so-called assignment of benefits (AOB) lawsuits connected with property insurance claims have risen by more than 70% over the last five years and as this continues primary insurance rates are rising with them.The Insurance Information Institute (III) said in a recent report read the full article →

Florida Citizens to recover $126.4m from reinsurers for hurricane Irma

Florida’s Citizens Property Insurance Corporation has revealed that it expects to claim back $126.4 million from the private reinsurance market to help it pay for claims from hurricane Irma.Florida Citizens experience with hurricane Irma claims escalation has reflected the market, with loss creep and assignment of benefits (AOB) related issues read the full article →

New parametric reef insurance & resilience product to be developed

A new initiative to develop a parametric insurance product to protect and enhance the resilience of coral reefs and the communities that rely on them is being developed by Willis Towers Watson through its Global Ecosystem Resilience Facility (GERF) and the Mesoamerican Reef Fund (MAR Fund).An agreement has been reached read the full article →

Non-weather water & AOB losses push Citizens to Florida rate rise

Florida’s Citizens Property Insurance Corporation said that a recent surge in claims related to non-weather water losses in South Florida has increased its costs enough to offset the lower cost of reinsurance and other risk transfer, resulting in the need for a proposed statewide average rate increase of 7.9%.The Florida read the full article →

Miami Beach considers parametric triggers to protect tourism revenues

The City of Miami Beach in Florida is looking into parametric triggers for insurance solutions to protect its revenue from taxes paid by the tourism industry, in recognition that weather, hurricanes and other crises such as the Zika virus outbreak have all had a significant impact on the City's ability read the full article →

Marsh, Munich Re & Metabiota launch parametric pandemic insurance

Global broker and risk consultancy Marsh has launched PathogenRX, an insurance product designed to protect businesses against pandemic risks such as the outbreak of infectious diseases, that utilises a parametric trigger provided by epidemic risk modeling specialists Metabiota and capacity from reinsurance giant Munich Re.The impact of infectious disease outbreaks read the full article →