Florida Insurers Have a Horrible Document of Non-Fee of Insurance coverage Claims

I didn’t make up this title. A veteran banking and insurance coverage business analyst made the assertion in a Washington Put up article, How ‘cherry-picking’ insurance policies let one insurer win large in Florida’s insurance coverage disaster, written by Brianna Sacks.¹ The precise quote was:

Florida has a horrible document of nonpayment of insurance coverage claims. It is just applicable that affordable authorized treatments must be out there to policyholders.

The Put up additionally reported the next:

Florida’s insurance coverage market is likely one of the worst within the nation for owners, in keeping with information from the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) obtained by The Put up. Total, in 2022, Florida had the best share of unpaid claims of any state and essentially the most claims that had been by no means processed, and it did not renew essentially the most insurance policies.

The article describes how the highest government of Heritage and Slide Insurance coverage bought political affect from key Florida Republican politicians and acquired substantial offers in return for political donations. Behind closed doorways and with out public bids, Florida politicians use Residents Property Insurance coverage and its executives as a method to supply incredible “takeout” offers.

Since 2018, Lucas and his corporations have donated almost $2.6 million — about $1.17 million prior to now yr alone — to key Republicans within the Florida legislature, in keeping with public marketing campaign finance information.

And on his LinkedIn account, he has written about how he has been ‘advocating for these reforms for years.’ He particularly thanked Florida’s chief monetary officer, Jimmy Patronis, for his ‘management’ and ‘dedication’ to creating these modifications occur. He has given Patronis $350,000 in political donations.

The Florida State Seminoles play the Georgia Bulldogs within the Orange Bowl. Some Florida politicians, together with Jimmy Patronis, are spending their time complaining about that relatively than doing their job. In a letter complaining in regards to the Seminoles not taking part in within the faculty championship sequence and having to play Georgia, Jimmy Patronis wrote:

I consider that transparency is the most effective disinfectant…

Within the bustling world of Tallahassee politics, the place large insurance coverage corporations usually whisper within the ears of these in energy, it’s like a breath of recent air when our authorities buddies preserve issues crystal clear. Think about if our insurance coverage regulators and politicians chatted with us over a cup of espresso, brazenly sharing how these bigwig insurers and their lobbyists attempt to sway selections. That’s transparency for you! It will be like having a transparent window into the world of policymaking, making certain that our pursuits aren’t misplaced within the shuffle. When everybody performs truthful and open, it’s not simply good governance; it’s information that our voices obtain the time and consideration given to business lobbyists. Transparency is the golden key to a democracy during which all of us really feel like we’re a part of the workforce, not simply spectators!

I’m wondering how clear Jimmy Patronis will likely be about these conferences and people of Residents executives with Heritage and Slide representatives whereas giving Brian Lucas all these favored offers?

Thought For The Day 

Sunshine is the most effective disinfectant.

—Ralph Nader

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¹ Brianna Sacks, How ‘cherry-picking’ insurance policies let one insurer win large in Florida’s insurance coverage disaster, The Washington Put up, Dec. 30, 2023.