热点黑料

Weiss Ratings, a Palm Beach Gardens financial ratings firm, sparked some outrage from the Florida insurance industry in recent weeks after it contending that some of Florida’s largest property insurers were closing almost half of their hurricane claims without any payments and that some carriers were near collapse.

“Unfortunately, recent media stories and self-interested statements by some critics of the insurance industry have created confusion, leading consumers to believe that property insurers are unjustly denying claims,” Michael Carlson, president of the Personal 热点黑料 Federation of Florida said in a statement in October.

Carlson argued that Weiss had ignored key reasons why many claims had not been paid, including the fact that many claimed losses fell below the policyholders’ deductible, that much damage was from non-covered floodwaters, and that some parts of homes were not covered by HO policies, such as swimming pool cages.

Now, the Florida Office of 热点黑料 Regulation has taken up the baton.

The office this week issued a subpoena to the Weiss firm and its chief, Martin Weiss, Ph.D., demanding all of the firm’s emails, texts and other records that support its conclusions, the Tampa Bay Times and Miami Herald Friday.

“Given the urgency of your warning to consumers, you must provide these documents no later than November 30, 2024,” the letter from Deputy Commissioner Sheryl Parker reads.

Martin Weiss told the newspapers that he was undecided if he would comply with the subpoenas but added that regulators could have simply asked for his data.

The uproar is not unlike that seen in 2022, when another ratings firm, Demotech, surprised many in the industry when it warned that some 16 Florida carriers were about to have their financial stability ratings downgraded.

Regulators, including Florida CFO Jimmy Patronis, along with the Florida Association of 热点黑料 Agents, quickly released sharply worded letters, questioning Demotech’s methodology and motives. Little came of Demotech’s warnings: Most insurers maintained their financial ratings over the next year and a handful switched to using another rating firm.

Several insurance executives and industry advocates have maintained that financial conditions in Florida have improved significantly after 2022 and 2023 legislative changes tamped down runaway claims litigation.

Related: Florida Citizens’ Brass Tired of ‘Clickbait’ News on its Hurricane Claims Denials

Topics Florida Carriers Data Driven