Lawsuits are the primary driver of Florida’s property insurance crisis, board members and staffers of Citizens Property Insurance Corporation said during their board meeting Wednesday.
“If something is not done about this litigation disparity, I’m not sure you’re addressing the root problem,” said Citizens board member Scott Thomas.
He was referring to Florida’s outsized share of insurance litigation. The state accounts for 8% of property insurance claims but 70% of lawsuits.
That has increased costs for insurers, who have lost more than $1 billion per year the last two years, and are on track to lose another $1 billion this year, according to estimates cited by Citizens President and CEO Ba...