Florida Litigation Management Data Trends, June 2022
New litigated claims up 5%, NOIs flat in June for Florida’s largest P&C insurers
As the industry’s leading claims litigation management software provider, CaseGlide compiles a broad swath of claims data that represents a variety of segments and geographies. One of the most interesting data sets that we regularly gather and analyze are litigated claims specific to the majority of Florida’s largest P&C insurance organizations.
Data for June 2022 from Florida’s largest P&C insurers shows the number of new litigated claims rose 5% from May figures. June’s total of 4,261 is up from May’s results of 4,047 and is in line with a pattern seen since January for new litigated claim figures hovering between the low to mid 4,000s.
Of the 16 largest Florida insurers we regularly monitor, 11 showed a month-over-month increase in June, with three showing increases of greater than 30%, and four between 15% and 29%. Of the five insurers showing month-over-month declines, two were less than 5%, and one was (-35%). That company was Southern Fidelity, an insurer that lost its financial stability rating in early June and has since declared insolvency.
For Notices of Intent to Initiate Litigation (NOIs) received by the same insurers, June figures reflected a mostly flat, month-over-month decrease of 12 with 3,050 NOIs.
AOB cases as a percentage of total new litigated cases in June jumped to 38%. AOB percentages of new litigation remains higher than at any month in the past 18 months.
Miami-Dade County continues to lead the state in percentage of new litigation at 26%, followed by Broward at 16%, Orange at 7%, Palm Beach at 6% and Hillsborough at 5%.
CaseGlide remains committed to observing this data closely, monitoring to see if these patterns persist and how the trends will impact insurers across Florida.