Reinsurance News

New Florida P&C litigated claims up 5% in June

20th July 2022 - Author: Matt Sheehan

Data for June 2022 from Florida’s largest P&C insurers shows the number of new litigated claims rose 5% from May figures, according to claims litigation management software provider, CaseGlide.

June’s total of 4,261 is up from May’s results of 4,047 and is in line with a pattern seen since January for new litigated claim figures hovering between the low to mid 4,000s, analysts note.

Of the 16 largest Florida insurers regularly monitored by CaseGlide, 11 showed a month-over-month increase in June, with three showing increases of greater than 30%, and four between 15% and 29%.

Of the five insurers showing month-over-month declines, two were less than 5%, and one was (-35%). That company was Southern Fidelity, an insurer that lost its financial stability rating in early June and has since declared insolvency.

For Notices of Intent to Initiate Litigation (NOIs) received by the same insurers, CaseGlide reports that June figures reflected a mostly flat, month-over-month decrease of 12 with 3,050 NOIs.

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AOB cases as a percentage of total new litigated cases in June jumped to 38% and AOB percentages of new litigation remain higher than at any month in the past 18 months.

Miami-Dade County continues to lead the state in percentage of new litigation at 26%, followed by Broward at 16%, Orange at 7%, Palm Beach at 6% and Hillsborough at 5%.

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