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Episode 41 – Special Session Preview

Episode 41 – Special Session Preview

The Florida Legislature is meeting in special session the week of December 12 to address two issu...
Länge: 48:13
The Florida Legislature is meeting in special session the week of December 12 to address two issues vital to Florida’s economy: disaster relief for Hurricane Ian victims and further insurance consumer protections for homeowners across the state.  Property insurance and reinsurance rates have grown by 100% or more in the past three years, yet insurance companies’ losses continue, with six carriers becoming insolvent this year, and 13 others withdrawing coverage, driven in part by a nearly 400% increase in claims litigation since 2013. Former Florida Deputy Insurance Commissioner Lisa Miller talks with a former legislator and the head of an insurance brokerage for their perspective on the problem and what the legislature should do to help fix the Florida insurance market crisis.Show NotesHost Miller was joined by former state representative Andrew Learned, a Democrat from the Tampa Bay area.  During his term, he took a keen interest in the consumer protection side of the property insurance reforms passed by the legislature in 2021 and 2022.  Also joining her was Deb Franklin, Co-CEO of PEAK6 InsurTech, part of the PEAK6 family of companies.  InsurTech provides the technology behind online insurance shopping and offers property and casualty insurance through its Team Focus Insurance Group and WeInsure.  The conversation was part of a webinar hosted by the Florida Housing Coalition on December 2, 2022.  (For full Show Notes, visit https://lisamillerassociates.com/episode-41-special-session-preview/) Host Miller set the table for the conversation, identifying four key focus areas of insurance industry discussion going into the Florida Legislature’s December 12 special session:Excessive Litigation – There are renewed calls to eliminate the one-way attorney fees statute altogether, contingency fee multipliers, Assignment of Benefits (AOB) contracts between homeowners and contractors, and reform Bad Faith law under the civil remedy statute. Roof Coverage – The ongoing debate is how carriers can insure roofs, without the coverage being used as a warranty by unscrupulous contractors seeking work or homeowners who fail to perform proper maintenance – and then suing when the claim isn’t fully covered.Citizens Property Insurance Corporation Depopulation – The discussion is on how best to return Citizens to being what the 2002 Legislature created, as the “insurer of last resort.”  Those analyzing current numbers say that one of every two policies written by the private market end up at Citizens at renewal because they can’t compete on price with Citizens’ legislatively-capped rates.Reinsurance Availability – Florida’s private insurance market is having difficulty finding adequate capital to purchase reinsurance (insurance for insurance companies) and to write new business.  Reinsurance costs have risen by 30%-70% at the same time that major reinsurance companies are limiting their capacity in the Florida market.  The Legislature is expected to consider providing assistance to improve the availability of reinsurance. “Consumers don’t get it.  They don’t understand why their rates are climbing or why they’re being non-renewed or cancelled,” said Franklin, whose agents are providing extra education and counseling for customers, while finding coverage alternatives.   Former representative Learned, who owns a local student tutoring company, said he heard from many constituents with the same questions and confusion.  “This kind of skirts around the fact that what we've essentially done is socialize our insurance market, and put all of the risk of all these policies in Citizens Property Insurance, which is essentially the taxpayers and anybody who owns a car,” he said.Franklin pointed out that Citizens is now the largest insurance company in the state, with almost 1.2 million policyholders.  She said Florida needs to consider what Louisiana recentl(continued)
Folgen-ID: 1000589513971
GUID: https://www.podomatic.com/podcasts/lisamillerassociates/episodes/2022-12-08T16_39_14-08_00
Erscheinungs­datum: 9.12.2022, 01:39:14


"The Florida Insurance Roundup" podcast from Lisa Miller & Associates, is your program on the people, issues, and regulations shaping Florida’s Insurance Market. Lisa, a former deputy insurance commissioner, brings you the latest developments in Property & Casualty, Healthcare, Workers' Compensation, Litigation, and Surplus Lines insurance from around the Sunshine State. She is a nationally-recognized disaster insurance and recovery expert. Based in the state capital of Tallahassee, Lisa Miller & Associates provides its clients with focused, intelligent, and cost conscious solutions to their business development, government consulting, and public relations needs. On the web at www.LisaMillerAssociates.com or call 850-222-1041 or email at info@LisaMillerAssociates.com. Your questions, comments, and suggestions are welcome! The Listener Call-In Line for your recorded questions and comments to air in future episodes is 850-388-8002.


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