LMA NEWSLETTER June 18, 2018

Industry Beware: Inside the AOB Epidemic

Happy Monday! If you’ve been a reader of this LMA Newsletter for any length of time, you know that we are all over Assignment of Benefits (AOB) abuse like flies on honey, as we say in the South! It’s one of the most significant threats to Florida’s property & casualty insurance sector. If your livelihood …

Orlando Contractor Busted for AOB Fraud in Florida & Texas

While Texas targets roofers for unlicensed public adjusting

An Orlando contractor has become the newest face of reported Assignment of Benefits abuse in Florida, accused of defrauding 19 homeowners across eight counties here and another in Texas. Timothy Cox was arrested on June 5 and charged with theft and racketeering for stealing nearly $140,000 from …

National Flood Program Facing Another Expiration

FEMA mimics private insurance company practices applauded by some, criticized by others

You know it’s summer when you’re counting the days until FEMA’s National Flood Insurance Program (NFIP) is next set to expire. Unless Congress takes action, the NFIP will expire next month at midnight on July 31. Florida has the most policies of any …

The Flood Coverage Gap & FEMA’s Aspirations

D.C. conferees stress better collaboration and use of technology

FEMA Director Brock Long kicked-off last week’s three-day flood insurance conference in Washington D.C., sponsored by the Property Casualty Insurers Association of America and the Reinsurance Association of America. It was a remarkable gathering of people, coming together to address the problem of the protection gap, …

Mitigation: As Cool as Starbucks®

Bringing resiliency to the forefront
At the PCI conference, FEMA’s Brock Long emphasized the importance of resilience for future disaster preparedness efforts with the focus on pre-disaster mitigation. Well that’s just what a panel of experts including yours truly pushed during one of the breakout sessions: how we’re still not to the place where the …

Hurricane Irma Florida Claims Losses Jump $1+ billion in Past Month

P&C sector reported fortified for 2018 hurricane season

The number of claims and especially the total losses jumped significantly in the latest monthly update of Hurricane Irma claims data from the Florida Office of Insurance Regulation (OIR). The May numbers put total estimated insured losses at $9.7 billion, up more than $1 billion since the …

Revising Florida’s State Constitution

Amendment 8 provides more state authority over local school operations & civics

(Editor’s note: This is part of an ongoing series on the 13 proposed state constitutional amendments that will appear on this November’s ballot for Florida voters to consider.)

Amendment 8 is actually three proposals in one amendment. It would establish term limits on …

On the Summer Trail

It’s been a busy couple of weeks but I am always so privileged to work with a lot of bright people in the insurance, housing and emergency management circles. I have learned a great deal and of course, am always looking forward to learning more. I am happy to share with you more details of …