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In March, 156,652 more lawsuits were filed against all insurance companies, including auto insurance, compared to March 2022, according to the industry-backed Insurance Information Institute.
That issue was one of the reasons cited by insurance companies leaving Florida according to the Insurance Commissioner Michael Yaworsky. [37] In August 2023 FOIR announced that Mainsail Insurance Company from Texas was approved to operate in Florida. They also disclosed that 280,000 of Citizen's policies were approved for assumption by several ...
Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner: [GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest.
As insurers have failed, many of those companies’ policies have ended up at Citizens Property Insurance, Florida’s state-run insurer for those who can’t find coverage on the private market ...
The Citizens Property Insurance Corporation, a state-established insurance nonprofit company, has a $100 million annual legal defense fund and 20,000 open lawsuits pending, reports III.
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000.
Recently created Slide Insurance and four other companies have been approved to take up to 184,000 policies out of Citizens Property Insurance Corp., Florida’s “insurer of last resort.”
Edison Insurance Company is a Florida-based home insurance company that was founded in 2005. Edison only offers coverage in Florida, which means they truly know their coverage area and can offer ...