Florida’s insurance market is a mess! How did this happen?
This this debut episode of Assignment of Benefits podcast, host Nick Lamparelli discusses the history of mass litigation in Florida and its devastating affects on the Florida insurance marketplace with Wesley Todd, CEO of CaseGlide (St. Pete, FL)
From Hurricane Andrew to “mold is gold” to the mass litigation of sinkholes, to Assignment of Benefits and one-way attorney’s fees, all the way up to the recent carrier insolvencies and legislation to minimize the excessive litigation occurring post Irma.
WHY IT MATTERS: Florida is ground-zero for the hard property insurance market. The abysmal insurance marketplace was not a result of natural catastrophes but an overzealous litigative environment, causing the insolvencies of several insurers (Florida has nearly 10% of the nation’s aggregate insurance claims BUT nearly 80% of the nation’s litigated claims!!). Rates have sky rocketed, insurance capacity has dwindled and that has leaked into other geographies and other lines of business, creating a hard insurance market that looks like it may still have more years to run through.
We examine:
- Why does this keep happening to Florida?
- The incentive structure that encourages litigation?
- What this does to insurance rates and capacity
- And how the most recent reforms are already showing headwinds for new litigation
(<38 minutes)
Audio Download:
https://feeds.buzzsprout.com/2287431.rss
The Assignment of Benefits podcast was:
- produced by Insurance Nerds & The Insurance Advocacy Forum of Florida
- hosted by Nick Lamparelli
About Nicholas Lamparelli
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
