Barry Gilway


Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

So many issues of Property coverage, claims, who will pay, Timeframes, and so much more. Please click on the link below and know what to watch out for.

https://www.insurancejournal.com/news/southeast/2020/01/16/555028.htm

Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

This is so Important to read as so many will be affected and the news will break un just 3 weeks .

The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen more could be downgraded in the next few months.

In a letter dated Dec. 20, 2019 that was forwarded to Insurance Journal, Demotech President Joe Petrelli warned Barry Gilway, head of state-backed Citizens Property Insurance Corp., that Gilway’s hoped-for shrinking of Citizens’ policy count might be “more difficult than expected as Demotech would be downgrading several carriers in January, February and March 2020.”

Please enjoy the full article below and read it all!

https://www.insurancejournal.com/news/southeast/2020/01/09/554155.htm

Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

As a board member of the MAAC committee in Florida for Citizens Insurance, I can conform this for sure. On top of all of the other carriers also trying to reduce exposure and cut the middle markets, where will people go to get Insurance coverage especially here in S. Florida. I work with Chaisteli Insurance for Property Coverage and together we  can offer help and be sure you understand all options.

 

Florida’s insurer of last resort Citizens Property Insurance Corporation will make shrinking its policyholder count a priority next year, despite potential headwinds that may come from Florida domestic carriers raising rates and restricting coverage.

Prompted by a request from Florida State Senator Jeff Brandes, the company announced at its December Board of Governors meeting that it will again seek input from independent evaluators to determine if there are exposure reduction or depopulation opportunities that can be identified for Citizens to further reduce its overall exposure and financial impact on the state.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/12/20/552579.htm

 

Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

The head of Citizens Property Insurance Corp. says it is already seeing a difference in assignment of benefits (AOB) litigation since reforms passed by the Florida Legislature took effect in July. Meanwhile, many Citizens policyholders may see premium relief from the new law, as the insurer’s post-AOB reform rates will take effect next month.

Speaking at the Florida Chamber of Commerce’s Insurance Summit in Miami in early November, Citizens President, CEO and Executive Director Barry Gilway said thanks to AOB reform Citizens litigation has dropped from 2,000 to 1,750 suits a month over the last two months

Wow, so many claims monthly, please click on the attachment below to read the article;

https://www.insurancejournal.com/news/southeast/2019/11/20/548368.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

A bill the Florida insurance industry says will help reign in assignment of benefits abuse that is plaguing the state and raising insurance costs has passed its final committee in the Florida Senate and is now headed to the full Senate floor for debate.

The Florida Senate Rules Committee passed SB 122 on Wednesday, inching AOB reform one step closer to being a reality after seven years of failed attempts by the Florida Legislature.

“Year after year we have watched the AOB crisis negatively impact our consumers – many of which are recovering from hurricanes. Now, more than ever, is the time to pass meaningful reform so we can protect consumers and start recovering from years of compounding abuse,” Florida Insurance Commissioner David Altmaier said in a statement Wednesday. “The advancement of SB 122 is a significant step towards protecting Floridians from future AOB abuse.”

The Senate bill, introduced by Senator Doug Broxson, is now identical to Florida House Bill 7065, which passed that chamber last week.

“This is a great development. For the first time in nearly seven years we are poised for final passage of meaningful AOB reform. The bill will directly address cost drivers that are pushing up rates by reducing AOB abuse and fraud. Florida consumers will benefit, and the insurance market will be healthier as a result,” said Michael Carlson, president of the Personal Insurance Federation of Florida (PIFF).

The bill includes certain consumer protection provisions such as rescission and emergency services sublimit provisions, and creates a new rate filing requirement for Citizens Property Insurance Corp., which has filed rate increases for the last several years that it has largely blamed on AOB.

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https://www.insurancejournal.com/news/southeast/2019/04/18/524155.htm

 

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the coast.

The company said for the first time since 2005, Citizens will purchase traditional reinsurance for its PLA, which is comprised of 301,000 residential policies, most of which are not located along the coast. The reinsurance coverage will reduce Citizens’ PLA surplus exposure from 62 percent to 52 percent in the event of a 1-100 year storm.

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https://www.insurancejournal.com/news/southeast/2019/03/28/521996.htm

 

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“I think the number one thing the insurance industry can do is link AOB (assignment of benefits) to the impact that it’s having on the individual consumer and the huge impact it’s having on the premiums that the consumer’s paying,” Barry Gilway, president, CEO and executive director of Citizens Property Insurance Corp. told attendees in a recent Insurance Journal webinar on Florida AOB abuse

Education, education, education, Gilway said, will be critical to slowing the Florida AOB epidemic that is leading to higher insurance rates, reduced coverage and a potential insurance market crisis in the state.

Gilway was one of a panel of four experts participating in the “Florida AOB Crisis: Where Does the Industry Go from Here?” webinar conducted by Insurance Journal on June 26.

Logan McFaddin, regional representative for the Property Casualty Insurers Association (PCI), Paul Huszar, CEO of remediation contracting company VetCor, and Patrick Wraight, director of the Insurance Journal Academy of Insurance, joined Gilway in discussing the AOB situation in Florida and ways to rein in what they all agreed is runaway abuse.

The AOB problem in Florida stems from unlicensed water remediation and roofing contractors who have homeowners sign over their insurance policy rights in exchange for needed repairs to their homes. The contractors, typically working with an attorney, file inflated or fake claims, and then pursue lawsuits against insurers when those claims are disputed or denied. Because of Florida’s one-way attorney fee statute, insurers are left footing the bill for the inflated claims and the attorney fees if the insurer is found to have underpaid the claim by any amount.

Carriers across the state have seen an increase in litigation because of these inflated claims. According to the Florida Department of Financial Services, there were 405 AOB lawsuits across all 67 Florida counties in 2006, and by 2016 that number had risen to 28,200.

But Citizens, the state-run insurer of last resort, has borne the brunt of the abuse. It reported in its 2019 rate hearing in June that it would spend $70 million this year defending AOB-related litigation – equal to 17 percent of its total premium.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/07/19/495520.htm

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