This Week in Insurance News

As a blogger for Insurance School Florida, I see that Florida is in the insurance news a lot recently .  In Tallahassee , a man was arrested for insurance fraud for setting fire to his Yacht named “Shameless.”  This guy tells it like it is .   I wonder what’s  his wife’s name?  ”Trophy”?  Did he name his first  born  ,  Tax Deduction? 

 This story comes at the same time   a report shows that Florida is the  #  one state for  highway staged accidents  .  This is where several cars working  in tandem  force  an innocent  to  crash into them  them.  All of those in the car will claim  Twenty thousands dollars  worth of injuries and a single  accident  can net the criminals $80,000 .  These crooks are great actors  to repeatedly pull this off .  It’s a surprise that Florida has better actors than California, because they are only number 3 on the list .

 Some really good news  this week is that insurance companies are hiring this year .  A poll found that 74 % of top insurance carriers  are planning to hire  .  This comes after the April Job Report which showed that a couple hundred thousand jobs were added last month.  That’s the largest number in 4 years.  The report also showed that  confidence in the economy  is much higher and  folks who have been out of work but gave up looking are now  beginning to look for work again  .

Florida has  always  been a high-risk Einsurance market because of the property damage of Hurricanes  .  The industry was hit hard  five years ago  , and it has since  had to raise its premiums to protect against another bad year  .  But the Industry claims that it is losing money every year on these policies even though there have been no hurricanes .  How do you lose  seven hundred  million dollars when  not one claim was paid out  ?  Imagine a casino  never losing a hand but saying they lost money  .  I’m sure there are  loads of  complexities here, but it  just doesn’t jibe with common sense  .  

It just shows that Insurance and the  Sunshine State  like to  mix it up  .   . 

Rick Sabian

School Insurance Florida

Insurance License Florida

 

 

 

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