LMA NEWSLETTER August 22, 2022

The New Norm

Many of you are road warriors.  Traveling is a necessary part of your job and as such, we travelers are experiencing a new normal in the air and on the road.  One such experience last week struck me and I wanted to share under the heading of “things to not do to those working behind …

Relative Calm Returns to the Florida Market

Citizens hits the 1 million policy mark

The ratings discussion has been settled for now in Florida’s property insurance market and we also received some welcome clarification on what type and how many bad storms our carriers can financially weather as we enter into the heart of hurricane season.  Meanwhile, Citizens Property Insurance Corporation has …

Litigation Reporting Conundrum

Florida Supreme Court workgroup weighs-in

There’s general agreement that excessive litigation and contractor fraud have been driving factors in Florida’s property insurance market peril.  State insurance regulators, the Florida Supreme Court, and the Insurance Information Institute have attempted to get a handle on the excessive litigation component and we have developments to report from all …

Legal Fight Heating Up on Insurance Reforms

Plus, upcoming contractor fraud event

A group of roofing and other contractors is continuing their fight against property insurance consumer reforms needed to help stabilize the Florida market.  There are new developments to report in the Restoration Association of Florida (RAF) lawsuits in state court seeking to overturn the reforms passed by the Florida Legislature …

Unlicensed Contractor Crackdown Continues

Plus a renewed crime-fighting partnership

State fraud investigators working with local law enforcement have made more arrests in their ongoing crackdown on unlicensed contractors; a Miami woman has been convicted in a $34 million healthcare fraud against insurance companies; and two giants in the analytics and crime business are renewing their partnership.  It’s all in …

A Break from High-Tide Flooding

Plus, initial impacts of Risk Rating 2.0

We can thank weather patterns and the current moon cycle for a moderation of coastal flooding events predicted for this year, but the question of whether our disaster relief system can keep up with the spate of inland flooding events so far remains a serious question.  Plus, the …

Florida Attracting More of the Wealthy

Tourism, revenues up – and auto insurance rates

Florida is attracting wealthy Americans at four times the rate of any other state, our visitor count has now returned to pre-pandemic levels, and state revenue projections have been revised upward by more than $5 billion.  The only not-so-good news: the Sunshine State now has the highest …

Lucky to be Alive

A firefighter in Hillsborough County is recuperating from severe injuries he sustained in an attack by a 12-foot alligator that was captured by aerial drone footage.  Firefighter JC La Verde suffered bite injuries to his skull, face and chest while wading in Lake Thonotosassa on August 3 during the filming of an instructional video …