Instant Insights / Bad faith liability

Bad-faith litigation has long been a contentious — and big-dollar — issue for insurers.

Research

IRC estimates Florida 3rd-party bad faith costs at $7.6B over 12 years

A majority of the additional claims costs attributed to rapid growth in the frequency of bodily injury liability claims.

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This story is reprinted with permission from FC&S Legal, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.

A new report from the Insurance Research Council (IRC) estimates that Florida’s third-party bad-faith legal environment added an average of $106 in claim costs to every insured vehicle in the state in 2017, and resulted in a total of $7.6 billion in additional claim costs over the past 12 years.

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