TALLAHASSEE, Florida, December 15 (TNStalk) — The American Property and Casualty Insurance Association issued the following statement on December 14, 2022:
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The American Property and Casualty Insurance Association (APCIA) today issued the following statement, attributed to its Vice President of State Government Relations Logan McFaddinregarding the passage of Senate Bill 2A (Home Insurance) speak Florida Legislature.
“Governor DeSantis and Florida Legislators continue to show considerable leadership in resolving the crisis in our state’s property insurance market. Rampant abuses of the legal system have skyrocketed insurance costs and weighed down Florida families, and we commend lawmakers for tackling this issue head-on to help stabilize the market.
“The Abuse of the Judicial System in Florida was prompted by the state’s one-sided attorneys’ fees law, which line the pockets of billboard attorneys at the expense of consumers. A recent study found that insurers pay $15.3 billion for insurance claims Florida from 2013 to 2020, of which 71% funded plaintiffs’ attorney fees, 21% represented defense costs and only 8% went to policyholders.
“Senate Bill 2A puts Florida consumers first by eliminating the state’s one-way attorney fee law, which will help reduce the number of abusive lawsuits pending in Florida on property insurance claims and help reduce long-term property insurance costs.
“This legislation takes significant steps to build on the helpful reforms passed by the legislature and enacted by Governor DeSantis earlier this year. Although it will take time for the market to improve, we hope the reforms will help stabilize florida property insurance market to provide more options and lower long-term costs. We look forward to the governor moving quickly to enact this important bill.”
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Original text here: https://www.apci.org/media/news-releases/release/73977/
