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→
By Max Dorfman, Research Writer, Triple-I Louisiana lawmakers passed several bills to reinforce the state’s weakened property insurance market during the recently completed 2023 legislative session. These included one that would have required parties to a lawsuit to disclose third-party litigation funding agreements within 60 days of a filing. However, that legislation was vetoed by … Continue reading Louisiana Litigation Funding Reform Vetoed; AOB Ban, Insurer Incentive Boost Make It Into Law→
By Matthew Scarfone, Esq., Triple-I blog contributor, and shareholder at Colodny Fass Florida presents property insurers with a unique set of factors that affect the availability and affordability of insurance coverage. The state boasts the third-largest population in America while simultaneously enduring a higher-than-average volume of natural disasters. It’s fair to say that operating a … Continue reading Some Potential Sunshine for Florida’s Property Insurance Market →
As Florida strives to address the issues that led to its current property/casualty insurance crisis, another hurricane-prone coastal state, Louisiana, is navigating its own insurance troubles. The Louisiana property insurance market has been deteriorating since the state was hit by a record level of hurricane activity during the 2020/2021 seasons, Triple-I says in a new … Continue reading Louisiana’s Insurance Woes Worsen as Florida Works to Fix Its Problems→
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→
