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A 2022 report uncovered that while companies were claiming financial ruin and hiking premiums, they were simultaneously transferring hundreds of millions of dollars to out-of-state affiliates and shareholders.
Recent whistleblowers have alleged that some new insurers are diverting millions in customer premiums to investors rather than holding them for future claims, heightening insolvency risks. The "Insurer of Last Resort" insurance florida
Despite accounting for only 9% of U.S. property insurance claims, Florida is the source of 79% of the country's home insurance lawsuits . This disparity was largely driven by "Assignment of Benefits" (AOB) abuse, where contractors and law firms would encourage homeowners to file suits to inflate repair costs. A 2022 report uncovered that while companies were
Massive hurricanes like Ian (2022) and Michael (2018) caused billions in property damage, leading to six insurer insolvencies in 2022 alone. property insurance claims, Florida is the source of