November 30, 2010Most Read ArticlesFlorida's Sinking Property Insurance ProfitsAn unprecedented rise in the frequency and severity of sinkhole claims has significantly affected insurers' bottom lines in Florida. Dramatic evidence of the magnitude of the problem is manifest through Citizens Property Insurance Corp.'s related claims statistics. In 2009, Citizens collected almost $20 million in sinkhole coverage premiums but paid out paid out almost $100 million in claims. Citizens Under Fire for ContractsCitizens Property Insurance Corp. – Florida's largest property insurer – has come under a barrage of criticism after news articles questioned why the state-created carrier was awarding some of its contracts without seeking competitive bids. Citizens' leaders say they did nothing wrong. However, they have agreed to make some changes. Online ExclusivesConsumer Advocate Office Issues PIP ReportFlorida's new ranking as No. 1 nationally in reported questionable claims involving staged vehicle accidents prompted the state's Office of the Insurance Consumer Advocate to host a roundtable discussion focusing on Personal Injury Protection (PIP) coverage under Florida's Motor Vehicle No-Fault Law. The office has now issued its report from that discussion. Hard P&C Market Predicted by 2012The decline in reserve releases could indicate that the P&C market is set for a turn in the cycle that could come as soon as 2012. Reviewing 54 insurers' third-quarter earnings for this year, Stifel Nicolaus said in an analyst's note that year-over-year reserve releases declined by almost 23 percent, indicating that the industry is nearing the point where releases will "stop masking accident-year underwriting result deterioration." |
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