Florida’s property insurers faced a substantial financial impact in 2022, dealing with costs amounting to around $580 million due to lawsuits over property insurance claims. Importantly, this figure doesn’t take into account compensation for loss.
This data comes from a recent report delivered by the Florida state’s Office of Insurance Regulation, marking a first in the type of rigorous analysis carried out on this specific area of insurance litigation within the state.
The cost underscored by this report reflects the substantial challenges that property insurers in Florida are facing. It may not only spark discussions about policies and practices amongst insurers but is also likely to be of keen interest to legal professionals working with insurers and those needing to stay informed about the evolving dynamics of the state’s insurance litigation landscape.
For further reading, the report’s details are accessible through Law360.