TALLAHASSEE – The condition-backed Citizens Assets Insurance policies Corp. saw a decrease in new lawsuits through the initial a few months of the 12 months — but it continue to faced much more than 19,000 pending situations as of the conclude of March, in accordance to a newly posted document on its internet site.
Citizens was served with 2,229 lawsuits from January via March, an normal of 743 new lawsuits a thirty day period.
That was down from an ordinary of 943 new lawsuits a thirty day period throughout the exact same period of time in 2022, according to the document well prepared for a meeting Thursday of the Citizens Board of Governors’ Statements Committee.
As of March 31, Citizens had 19,627 pending lawsuits, a 9 % increase from the identical time in 2022.
“As as opposed to this same time interval very last year, Citizens has expert a substantial minimize in new incoming lawsuits by in excess of 20%,” an executive summary reported.
“Meanwhile, pending match volume has amplified by 9%, as anticipated, as the backlog of lawsuits carries on to transfer by means of the court technique.”
Citizens and other insurers have prolonged blamed lawsuits for driving up insurance policy costs in the point out.
Lawmakers in recent a long time, such as all through a December exclusive legislative session, have taken a collection of measures aimed at curbing lawsuits in opposition to the industry.
Just about all of the lawsuits filed all through the 1st three months of 2023 involved residential house, with 64 p.c of individuals circumstances coming from Miami-Dade, Broward and Palm Seashore counties, the update stated.
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