A private agency that scores the financial health of insurance companies is planning on downgrading its ratings for nearly half of the 40 Florida property insurers it grades.
Florida regulators signed off on a double-digit rate hike for a Boca Raton insurer as the state industry is under threat of being downgraded due to thinning profits.
A state property insurance grading firm will be downgrading four or more insurance companies from their current exceptional rating by Friday.
A state property insurance grading firm will be downgrading four or more insurance companies from their current exceptional rating by Friday. That’s according to Joseph Petrelli, president of Demotech Inc., which reviews and rates 46 insurers that write approximately 66% of Florida’s homeowners’ insurance premium.
The Florida Legislature already has a plate full of meaty issues for the upcoming 2019 session. There’s one though that may have the biggest impact on the state’s economy — lawsuit reform. Despite two decades of Republican-control of state government, Florida’s civil legal system is decidedly weighed in favor of trial lawyers.
Last week, a House committee heard testimony from consumer advocates, academics and a lawyer for Publix, who said it’s 65 percent more expensive to settle claims in Florida than in any of the other states where the chain operates.
In response, Leek said he believes in the judicial system but “I think that we have gotten out of balance.” Leek cited a litany of statistics in arguing that excessive litigation is hurting Florida’s economy by driving up insurance premiums and other costs for businesses and average citizens.
The study conducted by Citizens Against Lawsuit Abuse (CALA) and the National Federation of Independent Business (NFIB) found that frivolous lawsuits are hurting the Sunshine State when it comes to jobs and taxpayer dollars.
The U.S. and Florida chambers organized the news conference to release a national survey suggesting widespread suspicion within America’s corporate elite of the state’s legal climate. Also present were key members of the state Legislature.
The newly released 2019 Lawsuit Climate Survey: Ranking the States, by the U.S. Chamber Institute for Legal Reform, ranks the Florida 46 out of 50 — remaining unchanged from the last survey in 2017.
