With its abundance of unneeded new roofs on homes – and flashy lawyer billboards at every turn claiming massive settlements on claims – Florida’s insurance market is on the verge of failure. This man-made catastrophe is causing financial strain on consumers, as the annual cost of an average Florida homeowners insurance policy will skyrocket to … Continue reading Fraud, Litigation Push Florida Insurance Market to Brink of Collapse→
Florida is one of the least affordable states for personal auto insurance, according to a new study by the Insurance Research Council (IRC). Claims trends are pushing premium rates up nationwide, and Florida is being hit particularly hard. In 2020, the average expenditure for auto insurance was $1,342 in Florida, more than 30 percent higher … Continue reading IRC Outlines Florida’sAuto Insurance Affordability Problems→
Florida Gov. Ron DeSantis’s proposed insurance fraud and legal system abuse reforms, announced this week for consideration during the legislative session that begins in March, would build on measures approved in the closing weeks of 2022 and go a long way toward fixing the state’s insurance crisis. Legislation passed during the 2022 special session eliminated … Continue reading Florida Insurance Crisis Reforms Gain Momentum With Latest Proposal→
By Max Dorfman, Research Writer, Triple-I Florida took center stage at JIF 2022, as a group of panelists discussed growing courtroom costs and the rise of legal system abuse. “Legal system abuse is a combination of factors, including social inflation, nuclear verdicts, third party litigation funding, tort reform pullback, cost shifting schemes, and attorney advertising,” … Continue reading Florida and Legal System Abuse Highlighted at JIF 2022→
Second post in a series on social inflation and litigation funding Litigation funding – in which third parties assume all or part of the cost of a lawsuit exchange for an agreed-upon percentage of the settlement – is often cited as contributing to social inflation. But, like so much else associated with social inflation, it’s … Continue reading Litigation Fundingand Social Inflation: What’s the Connection?→
The policymaking arm of the American Bar Association (ABA) recently approved a set of best practices for litigation funding arrangements. Litigation funding is an increasingly popular technique in which investors finance lawsuits in which they are not a party against companies – often insurers – in return for a share in the settlement. It contributes to “social inflation” – rising … Continue reading Lawyers’ Group Approves Best Practices to Guide Litigation Funding→
Each year the American Tort Reform Association (ATRA) publishes a list of “Judicial Hellholes” — places where ATRA says laws and court procedures are applied in an “unfair and unbalanced” way in civil cases, usually to the disadvantage of defendants. Since the issue of social inflation has been trending in recent months, it’s no surprise … Continue reading Florida Dropped From 2020 “Judicial Hellholes” List→
Never heard of “social inflation”? It’s a fancy term to describe rising litigation costs and their impact on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreed-upon definition, frequently mentioned aspects of social inflation are growing awards from sympathetic juries and a trend called “litigation funding”, … Continue reading Florida’s AOB Crisis: A Social-Inflation Microcosm→
On December 11, 2018 the Insurance Information Institute (I.I.I.) published a report documenting Florida’s assignment of benefits crisis – what the crisis is, how it’s spreading and how it’s costing Florida consumers billions of dollars. You can download and read the full report, “Florida’s assignment of benefits crisis: runaway litigation is spreading, and consumers are … Continue reading Florida’s assignment of benefits crisis: PowerPoint slides now available→
