Four key drivers have increased property insurance rates by double-digits in Florida over recent years:
- Underwriting losses from catastrophe claims, including loss creep ($1 billion alone in 2020 and $1.14 billion through third quarter of 2021)
- Adverse loss reserve development (cost of claims greater than reserves allotted – by $682 million in 2019)
- Higher reinsurance costs (up 54% in 2020 and especially impactful on Florida’s reliant domestic market)
- Increases in costly litigation, despite the Florida Legislature’s 2019 Assignment of Benefits (AOB) reform
Lisa Miller & Associates continues to play an integral role in 2022 in the education and advocacy for needed reform on behalf of Florida’s top domestic insurance companies and the state’s 6.5 million policyholders. Click the two links below to learn more!
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