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Archive for January, 2014|Monthly archive page

Reinsurance Rates are Down – Why Not Premiums

In Florida, Hurricanes, Insurance on January 24, 2014 at 1:32

Florida Insurance Commissioner Kevin McCarty is completing a study to determine why property insurance premiums have not lowered along with reinsurance. The study is expected to be completed by January 15, 2014.  Jack Nicholson, the executive director of the Florida Hurricane Catastrophe Fund – said that the fund that has been created to provide insurance for insurance companies is nearly $10 .  So why all the rate hikes?

The fact is that reinsurance costs have dropped noticeably – from 15 to 20% on average.  McCarty did say that some insurer have suggested a reduced rate is coming, and noted some of the differences in the rate structure.

We look forward to the results of the study.

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Fraud Will be Punished

In Insurance Fraud, Insurance Industry, Insurance law on January 16, 2014 at 1:32

The healthcare industry is cracking down on Medicare Fraud.  The auto industry has long been battling fraud.   Now homeowners’ insurance industry is making fraud detection a major effort. It’s been a serious issue for a while, and unscrupulous public adjusters add to the criminality.

Recently, Jorge Fausto Espinosa, a Florida public adjuster, was charged with conspiring to commit wire fraud and using fire to commit a felony.  In short, he was an arsonist looking to generate $2.3 million from insurance companies.  He was abetted by a convicted Medicare fraud offender.

Fraud is fraud, and the authorities will catch up to criminals.  Insurance fraud costs billions.   It is one of the leading causes of premium hikes.  It’s worth it to everyone to crack down – today.

Jason Wolf Makes Claims Journal’s Top 10 Legal Articles of 2013 List

In Contributing Writer, Firm News, Insurance Industry, Insurance law on January 10, 2014 at 1:32

Attorney Jason Wolf’s article Why Do People Keep Suing Property Insurance Companies? made Claims Journal’s Top 10 Legal Articles of 2013. Jason’s article was the 6th most popular article authored by industry legal experts. Jason has contributed to Claims Journal multiple times regarding Property Insurance Law.

Click here to see the full list and read Jason’s article.

Lawsuits + Settlements = More Lawsuits

In Insurance Companies, Insurance Industry, Insurance law on January 6, 2014 at 1:32

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Why do people keep suing property insurance companies?  It’s a question with a lot of replies.  Here’s mine.  They do it because plaintiff’s attorneys can get paid fees, and insurance companies are quick to settle.  What can be done?  Defend those cases and let the plaintiff’s attorneys and the homeowners think twice before they sue frivolously because they’ve heard it’s easy to get settlement payments.

Claims Journal thought it was worth considering. Read my article here.