Litigated claims remain a potent factor in Florida’s increasingly challenging property insurance market as recent reform measures have yet to yield tangible benefits, Citizens Property Insurance Corp. officials said at a recent board meeting.

Citizens, the state-run insurer of last resort in Florida, has been seeing a rise in its policy numbers as eight private insurance companies have suffered insolvencies since 2019, forcing Citizens to take on more residential policies, the company’s president, Barry Gilway, said at the Sept. 21 board meeting.

Industrywide in Florida, this trend has been accompanied by a spike in the combined numbers of lawsuits and intentions to file lawsuits, with the tally going from 85,000 in 2020 to 116,000 in 2021, the President’s Report given by Gilway states. The number of 2022 lawsuits and lawsuit notices through the end of August reached 91,390, he said.

Click Here To Read The Full Article