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Underwriter Hiscox Revises Down Hurricane Claim Estimates

Lloyd’s of London underwriter Hiscox Ltd said it now estimates net claims for Hurricanes Harvey, Irma and Maria to total around $225 million, having previously estimated the same amount for Harvey and Irma alone.
November 7, 2017 Auto Catastrophe Property Florida Texas

South Florida Attorneys Plead Guilty To Auto, PIP Insurance Scheme

Two of six South Florida personal injury attorneys facing charges in a wide-ranging insurance fraud investigation have reached plea agreements and are cooperating with investigators.
November 7, 2017 Auto Fraud Liability Litigation Florida

Hurricane Season Revealed Lack Of Resiliency In The U.S.

Hurricanes Harvey, Irma and Maria laid bare fundamental inadequacies of the current flood insurance program in the U.S.
November 1, 2017 Catastrophe Property Florida Texas

Developer Sues Miami-Based Contractor Over Hurricane Irma Damage

Developer South Beach Group Hotels (SBGH) has filed a lawsuit against a contractor over hurricane-related damage at a construction site in Miami Beach. The developer and its affiliates alleged that the contractor, Miami-based Allied Roofing’s Fidelity GBH Group, was negligent in its duties and had breached its contract.
November 1, 2017 Excess & Surplus Lines Litigation Florida

Fraud Conspirators Collected $1M After Torching Cars, Homes

A Florida man was convicted by a federal jury in Richmond on Wednesday in a 15-year insurance fraud scheme involving at least 27 fires in Richmond, Henrico County and Florida. Four co-defendants earlier pleaded guilty in the case.
October 27, 2017 Auto Fraud Property Florida Virginia

Assignment Of Benefit Contracts Blamed For Upending Insurance Market In Florida

Within hours of a fire at Kelly Laub’s four-bedroom house in New Smyrna Beach, Fla., in June, four contracting companies showed up to offer rebuilding services. Each vendor wanted Ms. Laub to sign a document giving the contractor the rights to her homeowners insurance benefits, she said.
October 25, 2017 Litigation Property Florida

Lloyd’s Revises Harvey, Irma And Maria Claims Estimates To $4.9B

Lloyd’s has revised its net claims estimates for Hurricanes Harvey and Irma to a combined US$3.9 billion, plus a preliminary claims estimate for Hurricane Maria of US$0.9 billion.
October 24, 2017 Auto Catastrophe Property Florida Georgia Texas

NICB: Hurricanes Leave Record Numbers Of Vehicles Damaged

Flooded vehicles have finally stopped arriving at the Royal Purple Raceway east of Houston. That is just one of several insurance industry salvage locations where more than 422,000 insured vehicles damaged by Harvey have been taken for processing.
October 19, 2017 Auto Salvage Florida Texas

Florida Workers’ Comp Rates Could Decrease In 2018

Florida businesses could see workers’ compensation insurance premiums decrease in 2018, after a tumultuous period that included a double-digit rate hike late last year and a lobbying battle about whether to revamp workers’ compensation laws.
October 18, 2017 Legislation & Regulation Workers' Compensation Florida

Lloyd’s Pushing Rapid Claims Processing Response Following Hurricanes

Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments.
October 18, 2017 Catastrophe Property Risk Management Florida Texas

CAT Crews Busy Closing Out Hurricane Claims

The relentless hurricane season is keeping Bloomington-based insurers busy. With seven weeks to go, the 2017 hurricane season is already the third most active on record.
October 18, 2017 Auto Catastrophe Property Alabama Florida Georgia Texas

Massive $23M Auto Insurance Fraud Was An Intricate Operation

When the feds started scrutinizing two men accused of running a massive $23 million auto insurance fraud at chiropractic clinics in South Florida, their defense attorneys say investigators had a theory the ringleaders were part of the Russian mob.
October 17, 2017 Fraud Liability Florida

Cost Of Hurricanes To Insurance Industry Will Break $100B

Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings.
October 16, 2017 Catastrophe Property Florida Texas

XL Group Estimates $1.33B Loss From Hurricanes Harvey, Irma And Maria

XL Group Ltd. reported on Wednesday a preliminary estimate of approximately US$1.33 billion relating to Hurricanes Harvey, Irma and Maria.
October 13, 2017 Catastrophe Property Florida Texas

Universal Insurance Expects Up To $450M In Hurricane Irma Losses

Fort Lauderdale-based Universal Insurance Holdings said it expects to pay out between $350 million to $450 million in claims from Hurricane Irma. The company, parent of Universal Property & Casualty, Florida’s largest insurer, said in a news release that it has had about 50,000 claims related to Irma from Florida and other affected states in the Southeast.
October 12, 2017 Property Florida
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