Capitol to Courthouse Florida Insurance Report – Thursday, February 23, 2017

 

Crisis?  Maybe, But Top Florida Insurer Says Severity of AOB Claims Falling

Florida’s largest Property Insurer says its Average Cost is going down, not up, for Claims associated with what many in the Industry call a Crisis requiring Immediate Legislative Action, its CEO told Analysts Wednesday.  The Palm Beach Post’s Charles Elmore reports via the “Protecting Your Pocket” blog.

 

Hurricane Matthew Losses Blamed for Universal Insurance Holdings’ 4Q Income Drop

Fort Lauderdale-Based Universal Insurance Holdings, parent of the largest Homeowner Insurance Company in Florida, exceeded Analysts’ expectations as the Company reported an Underwriting Profit in the Fourth Quarter of 2016 despite $26.6 Million in Losses from Hurricane Matthew.  The Sun-Sentinel’s Ron Hurtibise reports.

·         Hurricane Matthew Had $53M Impact on Jacksonville City Coffers

 

Judges Look at Sunshine Law in Florida Workers’ Comp Case

An Appeals Court weighed Arguments Wednesday about whether Florida’s Sunshine Law was violated before Regulators last year approved a 14.5 percent Increase in Workers’ Compensation Insurance Rates.  THE NEWS SERVICE OF FLORIDA’s Jim Saunders reports via SayfieReview.com.

 

Eliminating PIP Insurance Is Not The Answer 

The cries of PIP Fraud have been grossly exaggerated by the Special Interest Groups that want to make more profits.  Floridians for Fair Insurance writes in the Sun-Sentinel.

 

Florida’s Orchid Underwriters Rolls Out Admitted Homeowners Products in Alabama

Orchid Underwriters Agency, LLC, a Specialty Underwriter of Excess & Surplus Insurance focusing on Coastal Properties, has launched admitted Residential Homeowners’ products through a New Partnership with Spinnaker Insurance Co., a National Property and Casualty Insurer.  Insurance Journal reports.

 

United Way: 44 Percent of Florida Households, Mostly Working Poor, Struggle to Meet Basic Needs

More than 4 of every 10 Households in Florida — 3.3 Million of the State’s 7.5 Million Households — are struggling to make ends meet.  The Tampa Bay Times’ Robert Trigaux reports.

 

Gun Injuries and Deaths Among Florida Kids Have Spiked.  One Child is Shot Every 17 Hours

Gun Injuries are a growing problem for Florida’s Children, rising along with the increasing availability of Firearms across the State.  The Tampa Bay Times has found.

 

House Home Rule Fight Breaks Out As Panel Approves Florida Cities Regulation Reform Bill

A Fight over the role that Local Governments should have in Passing Regulations has broke out in the House Wednesday, as a Panel gave Initial Approval to Legislation Opponents say is an assault on Home Rule.  Matt Dixon reports for Politico Florida.

 

State Insurance Regulators May Flex Muscles Amid Federal Rollback

Talk of a Lighter Regulatory Touch out of Washington has many in the Financial Services Industry feeling optimistic; but for Insurers, there may be reason to be wary of the “Law of Unintended Consequences.”  Howard Mills writes for TheHill.com.

 

Study Warns On Cumulative Effect Of Nuisance Flooding

While not Catastrophic at the time, these Episodes degrade Infrastructure and can damage Roads and Building Foundations. More immediately, Nuisance Flooding forces Municipalities to expend resources to pump water out of streets.  Insurance Journal reports.

 

Delaware Begins National Search for New Captive Insurance Bureau Director

The Delaware Department of Insurance has announced that it has begun the search for a New Director of the Bureau of Captive Insurance and Financial Products once current Director Steve Kinion’s Contract Expires April 1, 2017.

 

California Surplus Lines Association Elects Ciardello Chairman of the Board

The Members of the Surplus Line Association of California have elected Tom Ciardello, Senior Executive Vice President of Worldwide Facilities LLC, as the Chair of the SLA Board of Directors.  Insurance Journal reports.

 

 

 

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