A group of Florida homeowners could see a double-digit increase in their property premiums if regulators go along with their insurer’s rate request.
Florida regulators are holding a public hearing today to consider the First Community Insurance Co.’s request that it can raise its rates on dwelling and fire policies by a statewide average by 23.3 percent.
If approved, the rate changes would apply to new policies as of April 1 and renewal policies as of April 26.
The public rate hearing is not the first on this filing. Last October, regulators met with the insurer’s executives to consider a 26.7 percent rate increase. At th
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Florida Homeowners, Rate
The Association of Personal Injury Lawyers (APIL) has welcomed the Lord Chancellor’s agreement to a review of the discount rate.
The discount rate is used to calculate the amount deducted from an injured person’s compensation to account for any income they may receive from investing their damages.
The rate was set at 2.5% by the (then) Lord Chancellor in 2001, with the calculation based on yields generated by index-linked government stock (ILGS).
Since then yields on ILGS have gradually declined, according APIL president, Muiris Lyons, who believes that over the last three years the average gross yield has been less than 1%.
Mr Lyons comments: “For years now, injured people have been undercompensated because of the previous Government’s failure to review the discount rate in light of economic changes.”
He adds: “Our hope now is that the Lord Chancellor’s review proceeds quickly and redresses this imbalance which has had such an impact on injured people for so long.”
Discount Rate, Personal Injury, Rate
The average medical malpractice insurance rate increase for New York doctors this year will be five percent. The increase, which took effect July 1, follows two years of rates freezes.
New York State Insurance Superintendent James J. Wrynn, who approved the rates, said the increase “will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due.”
Wrynn established new base rates resulting in five percent increases for Medical Liability Mutual Insurance Co.
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