Florida Citizens Property Insurance spent $100 million in legal fees in the past two years, according to the Miami Herald. In a report released by the insurer, Citizens says its legal bills are rising because of a handful of aggressive South Florida law firms that have targeted the insurance giant with water-damage claims in a hurricane-free year.
According to the report, Miami-Dade county “accounts for 33 percent of all reported claims and 60 percent of all litigated claims statewide,” with the bulk of those claims coming from water-damage losses.
The 44-page report found that Citizens spent $64 million in defense fees in 2012 and has already spent $46 million on defense lawyers and fees this year.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
