Navigation 2022 report on fees paid to insurer affiliates boosts effort to roll back Florida tort reforms
A 2022 study compiled at the request of Florida insurance regulators that reported insurers sent hundreds of millions of dollars to shareholders amid rising market instability has fueled new efforts to roll back recent tort reforms.
The report, which was assembled by Connecticut-based Risk & Regulatory Consulting LLC, was made public by the Tampa Bay Times and Miami Herald after a public records request. It analyzes fees paid to insurers’ affiliates during the period of 2017 to 2019 and indicates that $680 million in dividends were paid to the property insurers’ shareholders during that time, when the companies were facing mounting losses as a result of hurricane damage and other factors.
In addition, insurer affiliates recorded about $14 billion in net income during that period, when losses were often used to justify rate increases on consumers.
