Florida Office of Insurance Regulation Sinkhole Report Released
Nov 9, 2010
During his report to the Florida Cabinet at its meeting this morning, November 9, 2010, Florida Insurance Commissioner Kevin McCarty reviewed the newly released Florida Office of Insurance Regulation Sinkhole Report (“Report”), which is based on data collected from the recent Florida insurer sinkhole data call.
To view the Report, click here.
The Report shows that the severity, frequency and geographic dispersion of sinkholes has overwhelmingly increased. Claim frequency has tripled during a three-year period. From 2006 through 2010, sinkhole-related insurer expenses totaled $1.4 billion and thousands of claims remain outstanding.
While sinkhole claims originally were significant in Pasco and Hernando counties, Miami-Dade and Broward county sinkhole claims are increasing.
A full report on today’s Cabinet meeting is forthcoming.
Should you have any questions or comments, please contact Colodny Fass.