PCI: “AOB Abuse is a Threat to Homeownership in the Sunshine State”

Tallahassee, Fla. – The Property Casualty Insurers Association of America (PCI) today issued the following statement on behalf of its Regional Manager of State Government Relations in Florida Logan McFaddin in regard to Florida Office of Insurance Regulation Commissioner David Altmaier’s presentation on Assignment of Benefits (AOB) at the Florida Cabinet Meeting.

“Today’s presentation by Insurance Commissioner Atmaier is further proof that Assignment of Benefits abuse is a threat to homeownership here in the Sunshine State.

“After an active hurricane season, we’ve seen an influx of AOB claims and lawsuits, and the last thing hardworking Floridians need is added cost-drivers that make their insurance premiums rise, putting unwanted pressure on their wallets.

“As a member of the Consumer Protection Coalition, we are working together this session to encourage Florida lawmakers to end AOB abuse once and for all, giving Floridians the ability to stay in control of their homeowners’ policies and not have to worry whether they can continue to afford their homes.” 

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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 more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.

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