News & Updates

radeylaw

Lawsuits Continue to Plague Property Market

Lawsuits Continue to Plague Property Market

The Florida property insurance market continues to experience reduced availability and increasing prices due to extraordinary litigation levels.  Widely-discussed sources show that Florida has nearly 80% of the nation’s property insurance litigation despite having less than ten percent of the countrywide claims.  Stated differently, Florida had about 100,000 lawsuits last year, which vastly outpaced the […]

Continue Reading →

Citizens Rate Disparity Likely to Grow

Citizens Rate Disparity Likely to Grow

The disparity between Citizens Property Insurance Corporation’s rates and those in the admitted market is likely to grow.  Premiums have increased significantly in the admitted market in recent years, driven by well-documented problems with inflated, represented and litigated claims.  These concerns have been compounded by broader inflationary pressures in the economy, including supply chain disruptions […]

Continue Reading →

Lawsuits Target Special Session Reforms

Lawsuits Target Special Session Reforms

In late May, the Florida legislature passed several measures intended to address continuing concerns with Florida’s residential property insurance market.  Lawmakers commented that the new laws will not provide quick fixes; instead, the benefits might take 12-18 months to materialize. Unfortunately, this estimate might prove to be optimistic as two lawsuits have been filed challenging […]

Continue Reading →

Citizens Property Insurance Policy Count Continues to Increase

Citizens Property Insurance Policy Count Continues to Increase

Citizens Property Insurance Corporation continues to add policies at an alarming pace at the onset of this year’s Atlantic hurricane season.  Citizens recently hit a weekly total of 12,000 new policies as its total policy count approaches 900,000.  With Citizens being the largest residential insurer in Florida, its current policy count is much higher than […]

Continue Reading →

Effective Dates Key to Special Session Reforms

Effective Dates Key to Special Session Reforms

The Florida legislature has released its multi-faceted proposals for reforming Florida’s property insurance market.  The proposed legislation includes temporarily expanding available capacity from the Florida Hurricane Catastrophe Fund, incentivizing loss mitigation through windstorm protective devices, increasing regulatory oversight for distressed insurers, and curbing Florida’s litigation crisis by rebalancing attorneys’ fee incentives. To effectively address Florida’s […]

Continue Reading →

Special Session Proposals Address Property Market Concerns

Special Session Proposals Address Property Market Concerns

The Florida House of Representatives and Senate have released their proposals for next week’s special session on property insurance reform.  The special session follows last month’s call from Governor Ron DeSantis for a special session dealing with the crisis in Florida’s residential property insurance market. Reinsurance Protection Although their proposals are subject to change when […]

Continue Reading →

Florida Market Needs Lasting Reform

Florida Market Needs Lasting Reform

The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums.  As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]

Continue Reading →

New Notice Required for Insurers Using Credit Reports

New Notice Required for Insurers Using Credit Reports

Effective January 1, 2022, insurers using credit reports or credit scoring for underwriting or rating purposes must provide a new notice to consumers.  The notice must state: The Department of Financial Services offers free financial literacy programs to assist you with insurance-related questions, including how credit works and how credit scores are calculated.  To learn […]

Continue Reading →

FHCF Projects $17 Billion in Single Season Capacity

FHCF Projects $17 Billion in Single Season Capacity

The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon.  The FHCF releases its estimated claims-paying capacity in May and October of each year.  In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]

Continue Reading →

OIR to Receive Public Input on NCCI Workers’ Compensation Filing

OIR to Receive Public Input on NCCI Workers’ Compensation Filing

The Florida Office of Insurance Regulation (OIR) will hold a public hearing at 10:00 a.m. on October 14 to receive input regarding the National Council on Compensation Insurance’s (NCCI’s) recent rate filing proposing an average decrease of 4.9%. According to NCCI, in 2020 the workers’ compensation insurance industry posted its fourth consecutive year of underwriting […]

Continue Reading →