Smart Property Insurance Reforms Equal Consumer Savings
The Florida Chamber’s Bottom Line Featuring Michael Carlson
“We are in the best positon as a marketplace that we have been in for about 10 years now,” said Michael Carlson, Executive Director of Personal Insurance Federation of Florida (PIFF). “Our companies are more solvent, they are better able to make claims, and more importantly our backstop- the Hurricane Catastrophe Fund, our Citizens Property Insurance Corporation, which you know is a government supported entity- are both in the best fiscal shape they’ve been in.”
This is due in part to the smart reforms that have been enacted throughout the past several years such as creating more sustainable Citizen’s Property Insurance rates- allowing private companies to competitively take policies, creating a Citizens Clearinghouse program to help move policies into the private market, and reducing fraud in sinkhole claims.
But while our insurance markets are moving in the right direction, special interests groups continue to fight to make Florida’s insurance markets more expensive for families and businesses alike. For workers’ comp, this is a dangerous problem that could cost businesses increased rates.
“Trial lawyers today are challenging the very smart reforms that have been enacted in Florida since 2003 and if they are successful, you will see cost increases in the workers’ comp systems that will affect Florida’s businesses and Florida’s consumers.”
For property insurance, it could equal direct increased costs to homeowners.
“There is a worrisome trend developing in Florida where the cost driver that’s particularly related to roofing and water claims in the homeowner prop insurance market,” shared Carlson. “There is a legal tool called an ‘Assignment of Benefits’ which we believe is being abused by a cottage industry of unscrupulous vendors and trial lawyers that is causing rates to increase. We need to do something about that.”
One solution, Carlson says, is attending the Florida Chamber’s Insurance Summit January 26-28 in Orlando.
“It’s an important gathering. In fact, I would say that the importance cannot be understated,” said Carlson. “The prominent thought leaders, prominent stake holder groups, company executives and representatives, legislators, elected officials, academics all gather under the auspices of the [Florida] Chamber at this event to talk about the problems that we face in property insurance and other insurance markets and more importantly talk about solutions, smart solutions, to address these problems.”
Register today for the Florida Chamber Insurance Summit January 26-28 in Orlando.