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Florida Focus---Changes in the Wind?

Some of us reside in Florida.  Many more of us have served time here with a stint or two following catastrophes that impacted the Sunshine State.  In the aftermath of Andrew;  the 'four in 2004', and then Wilma, old-timers and rookie adjusters alike saturated the fourth largest state and served for weeks and months.

By the end of 2005, state spokesmen proclaimed  the industry was in a crisis mode.  Citizens, the state created 'insurer of last resort'; (ILR), was out of breath (and money).  Poe Financial, a group of carriers that had attempted to help depopulate Citizens, was on the rocks.

Now, Citizens has in excess of 1.2 million policies, and the ILR is still growing.

The newly elected Florida Legislature is having a special January session to deal with insurance matters.  Very few of these lawmakers have any background or experience in the field.  They will attempt to find 'out of the box' solutions, though few, are familiar with what has been 'in the box'.

Private insurers as well as Citizens are trying to tweak their coverages, such as excluding or placing limits on pool enclosures.

If the 'big one' or even several 'medium ones' hit in the next year or two, the need for cat adjusters will be rampant.  Citizens may have 1.5 million policies by then; and many of us, like it or not, may find ourselves in the employ of the ILR or its vendors. 

This blog will follow these trends and events. Your participation is welcome.

 

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katadj6

Only with the proper training, both field and policy, and continuing education, will we even have a sniff of the “New-Revised" concept of adjusting, especially in Cat conditions.

The Carriers have opted to lessen their costs, (and we are a cost), and substitute their methodology of using in house adjusting (Direct deductible costs), to settle claims. The in-house adjusters will have the authority to recommend settlements of claims, while never having seen
them. The claims will be overpaid or underpaid, but will not be properly settled in a fair and equitable manner.

Of course the severity codes will rise and the cost of the Re-insurance will increase, but that again is of no concern, because the re-insurance cost is another direct cost of doing business and then the rise in premiums for this will be passed to the policy holder.

The carriers have it all figured out, and we as a group of professionals, had better wake up to the changes or choose another method of supporting our families.

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