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- PCI: Addressing AOB Abuse is Urgent Priority for Florida Homeowners
Tallahassee, Fla. — Property Casualty Insurers Association of America (PCI) Regional Manager of State Government Relations Logan McFaddin today issued the following statement relating to assignment of benefits (AOB) abuse that was discussed in the Senate Committee on Banking and Insurance.
“Addressing AOB abuse is an urgent priority, and we appreciate the Florida Senate addressing this important issue that continues to plague Florida homeowners, especially after the back-to-back storms this year.
“PCI encourages a continued, open dialogue about escalating insurance costs associated with AOB abuse, and how lawmakers can address the threat it poses on homeownership for Floridians.
“It is clear that skyrocketing litigation costs are a major problem. We encourage the Florida Legislature to support legislation that puts an end to AOB abuse and the bad actors who target unsuspecting Florida families during a time they are simply trying to recover and rebuild from a disaster."
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $216 billion in annual premium, 36 percent of the nation's property casualty insurance. Member companies write 43 percent of the U.S. automobile insurance market, 29 percent of the homeowners market, 34 percent of the commercial property and liability market and 36 percent of the private workers compensation market.
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