Fraud


Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial policies as well as Life, Disability and all group products.

With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic.

Residential property flood loss is estimated at up to $38 billion, CoreLogic reported, noting that includes storm surge, inland and flash flooding in five states – Florida, Alabama, Georgia, North Carolina and South Carolina

80 percent of the flood damage is uninsured, the company said.

Reported insured flood loss for commercial properties could top out at $8 billion.

AIR Worldwide estimated insured losses for the U.S. States resulting from Irma will range between $25 billion – $35 billion.

The catastrophe modeling firm noted the hurricane-force winds extended 80 miles from the eye and tropical storm–force winds extended more than 400 miles, covering the entire state and driving storm surge into both the Atlantic and Gulf coasts.

Downed trees, signs and utility poles and flooded or debris-strewn streets could be seen in the southern regions of the state, AIR Worldwide reported.

Karen Clark & Company estimated losses in the U.S and Caribbean at $25 billion. Of the $18 billion insured loss in the U.S., the majority is in Florida, followed by Georgia, South Carolina and Alabama, KCC reported.

As of Thursday, Sept. 21, the Florida Office of Insurance Regulation reported more than 397,000 residential property claims and just over 17,000 commercial property claims had been filed. Including all types of losses, total estimated insured losses thus far had passed the $3 billion mark. OIR has been updating claims data daily.

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http://www.insurancejournal.com/news/southeast/2017/09/22/465115.htm

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Please call Lee at Acentria Insurance at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial and Life & Financial products as well.

Although insured losses as a result of Hurricane Irma will not be as severe as originally forecast, the storm still represents a sizeable catastrophe event that will test the infrastructure and potentially strain the financial wherewithal of some local and regional carriers in Florida, particularly those that are geographically concentrated, according to a new briefing from A.M. Best.

The Best’s Briefing, titled, “Hurricane Irma Tests Newer Participants in Florida Market,” notes that over the past decade, the number of more concentrated local/regional writers in Florida’s insurance market has increased as national writers pulled back on the state

The state-formed Citizens Property Casualty Insurance Corporation took on much of that risk exposure, and as a result, experienced significant financial pressure. This led to a fairly successful depopulation program, whereby private insurers were given incentives to assume policies from Citizens. This, along with other factors that included benign weather in Florida and favorable reinsurance pricing, prompted many new insurance companies to form.

According to the report, a number of new insurance companies were formed since 2007, writing nearly a fifth of the property market lines: homeowners, farmowners, fire and allied, and commercial multiperil (non-liability). Hurricane Irma represents the first severe event to test the strength of these business models, particularly with regard to risk selection, loss mitigation and potentially their reinsurance programs.

The report also states that with Hurricane Irma occurring in such close proximity to Hurricane Harvey, the demand for independent catastrophe claim adjusters has increased. A.M. Best-rated entities had already started strengthening their claims processes in response to the state’s Assignment of Benefit issues. Newer companies may face additional pressure from a lack of experience as well as limitations due to scale.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/09/18/464615.htm

The ads were out before the storm hit so be careful. Please remember to call me at The Acentria office at 954-351-1960. We also provide free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial and Life, group and Health Insurance  products.

As Florida residents return home after being evacuated by Hurricane Irma, the pressure is on the insurance industry to keep a bad situation regarding assignment of benefits abuse in the state from getting worse.

Florida regulators, carriers, industry trade groups and lawmakers are all echoing the same advice to policyholders: now’s the time to contact your agent or insurer and file claims.

“CFO Jimmy Patronis and Insurance Commissioner David Altmaier encourage Floridians to be prompt in notifying their insurance companies and cautious of repair deals that sound too good to be true,” the Florida Office of Insurance Regulation alerted consumers in a statement released Tuesday.

While Florida was spared the worst-case scenario by Hurricane Irma in terms of the storm’s strength, the state still suffered significant damage from wind and coastal flooding. Agents and carriers are just starting to deploy resources to affected areas, and stakeholders say timing will be of the essence as “bad actors” will be on the prowl for homeowners willing to assign to them the right to obtain insurance benefits to deal with damage to their homes.

“All consumers need to be on alert as they recover from Irma for fraudulent schemes and assignment of benefit scams so they don’t unknowingly sign away their rights,” said Chris Gardner, chairman of Citizens board of governors. “If unsure, agents are prepared to advise you and guide you through the claims process.”

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/09/13/464047.htm

Please call  me at 954-351-1960 for free quotes and information on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial, & Life, group & financial products as well.

Assistance provided by insurance experts working Florida’s Insurance Consumer Helpline led to the recovery of more than $16.6 million during the first half of 2017, according to a statement by Chief Financial Officer Jimmy Patronis.

Helpline experts answered more than 141,000 calls from Floridians during the first six months of the year and aided in the recovery of funds that included insurance claim payments and premium refunds that consumers sought the Department of Financial Services’ help collecting.

Please read the full article below;

http://www.insurancejournal.com/news/southeast/2017/07/28/459225.htm

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes or information on Home Insurance, Auto, Flood, Private Flood, Business & Commercial & Life, Financial & group benefits as well.

Noah Buhayar and Laura J. Keller
Wells Fargo & Co.’s disclosure that it may have pushed thousands of car buyers into loan defaults and repossessions by charging them for unwanted insurance is raising doubts about the lender’s ability to put proper controls in place.
“The steady drip of revelations is concerning as it makes quantifying and qualifying the extent of the internal control failures difficult,” Isaac Boltansky, an analyst at Compass Point Research & Trading, said Friday in an email. “Which is worrisome for both Washington and Wall Street.”
An internal review of the bank’s auto lending found more than 500,000 clients may have unwittingly paid for protection against vehicle loss or damage while making monthly loan payments, even though many drivers already had their own policies, Wells Fargo said in a statement late Thursday. The firm said it may pay as much as $80 million to affected clients — with extra money for as many as 20,000 who lost cars, “as an expression of our regret.”
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Please call Lee at Acentria Insurance at 954-351-1960 for free quotes and information on Home Insurance, Flood, Private Flood, Auto, Business & Commercial and Life, Financial and group benefits  as well.

Florida’s efforts in establishing a private flood insurance market have been hailed as a model by many other states looking to buff up their flood insurance offerings, as well as the National Flood Insurance Program (NFIP) to follow as lawmakers hammer out its upcoming reauthorization.

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But some insurance companies are still standing on the sidelines of Florida’s flood market pool, saying it’s not a risk they are ready to write.

At a recent flood insurance conference put on by the Florida Association for Insurance Reform (FAIR) in St. Petersburg, a panel of executives from four Florida-based companies and one national broker discussed their reasons for writing — or for not writing — flood insurance.

“I have not seen a predictable flood model, and I have not seen predictable pricing in reinsurance coverage for that risk. If I don’t understand a peril — I can’t quantify it, know what my exposure is — I am just simply not going to write it,” said Bruce Lucas, CEO and chairman of Florida homeowners insurer Heritage Insurance. “I’ve got some fundamental principles I follow in the business world and I have to fully understand what I’m getting into to do it.”

Locke Burt, chairman and president of Security First Insurance, another Florida-based homeowners insurer that doesn’t write flood coverage, said lack of demand from customers and regulatory hurdles make it difficult to do anything in the flood insurance space.

“There is a reluctance to innovate in Florida. Most of the companies who have filed a product have simply copied the NFIP program,” he said.

Florida’s high risk of storm surge, he said, is another challenge with flood because it is incredibly difficult for the private market to model and accurately price. He said storm surge is an example of why there will always be a role for a federal flood market

Please read the full article below;

http://www.insurancejournal.com/news/southeast/2017/07/27/459034.htm

Please call Acentria Insurance at 954-3151960 to ask me about quotes for Home, Flood, Private Flood, Auto, Business & Commercial and Life & Financial products as well.

They say they have no choice after the Florida Legislature for the fifth year in a row failed to address the crisis in water damage claims abuse.

“We keep saying help us try to solve this problem,” said Michael Carlson, president of the Personal Insurance Federation of Florida.

AOB will ultimately be addressed by the marketplace if lawmakers don’t do anything

Since lawmakers reneged on enacting reforms, insurance carriers are now taking matters into their own hands and the state’s regulator is warning consumers to be prepared.

“We will continue to see homeowners’ insurance companies raise their rates for our consumers in a best-case scenario, and in a worst case scenario just simply stop offering their products in certain regions of the state,” Insurance Commissioner David Altmaier told the Florida Cabinet last month

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/07/19/457961.htm

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