AOB Abuse Tops Agenda at Florida Chamber Insurance Summit

Through several panel discussions on pressing and emerging issues facing the state's insurance market, the summit touched on everything from recent cases expected to raise workers' compensation insurance costs to Hurricane Irma's impact on the insurance and reinsurance markets to an o...

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Bibliographic Details
Published in:Insurance Journal 2017-11
Main Author: Cámara, Christian
Format: Article
Language:English
Subjects:
Chambers of commerce
Consumers
Hurricanes
Insurance companies
Insurance industry
Insurance rates
Legislators
Legislatures
Property & casualty insurance
Reforms
Reinsurance
Workers compensation
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Summary:Through several panel discussions on pressing and emerging issues facing the state's insurance market, the summit touched on everything from recent cases expected to raise workers' compensation insurance costs to Hurricane Irma's impact on the insurance and reinsurance markets to an overview of insurance-related bills considered by the Legislature earlier this year.Some troubling AOB-related statistics shared at the conference include: A tripling of insurance litigation across every major company in Florida; An increase in the cost of litigated cases, which now average $40,000, versus nonlitigated cases, which average $8,600; A spike in the number of insurance companies requesting rate increases, despite a hurricane-free decade and low reinsurance rates.[...]the only participants in this debate who disagree with reforming the system are those who benefit from it financially.
ISSN:0020-4714