American Integrity Insurance announces rate reduction for over 55,000 customers
American Integrity Insurance announces rate reduction for over 55,000 customers | Insurance Business America
Property
American Integrity Insurance announces rate reduction for over 55,000 customers
COO thankful for effective legislative reforms
Property
By
Terry Gangcuangco
Florida-based residential property insurer American Integrity Insurance has announced a 6.9% rate reduction for more than 55,000 of its customers. Meanwhile, close to 215,000 homeowners will experience stable rates, with no increases following the company’s annual filing scheduled for the middle of this month.
According to American Integrity, the rate cut stems from pivotal legislative reforms implemented in late 2022 and early last year. The reforms are said to have effectively addressed the issues of roof claim and litigation abuse.
“Historic legislative reforms have begun to dismantle the costly ‘tort tax’ that consumers have shouldered for years,” said president and chief executive Bob Ritchie. “With these unnecessary costs diminishing, we are looking forward to passing the savings directly to our policyholders.”
American Integrity highlighted that Florida’s property insurance market was strained by frivolous claims and litigation for nearly 10 years. It said the enactment of Senate Bill 2A in December 2022 was a turning point, eliminating one-way attorney fees and the assignment of benefits to thwart the predatory practices of so-called “billboard attorneys” who exploited regulatory loopholes.
Thanking the legislative leaders behind the reforms, chief operating officer Jon Ritchie (pictured) stated: “We extend our heartfelt thanks to Governor DeSantis, former Senate President Kathleen Passidomo, and former House Speaker Paul Renner for their unwavering commitment to restoring Florida’s property insurance market.
With the significant reduction in costs related to litigation, American Integrity is optimistic about what’s ahead.
“Absent significant hurricane activity, we anticipate that the trajectory of rate increases will continue to flatten,” the COO added. “This creates a more stable and affordable market, ensuring that our customers receive the best possible protection at competitive rates.”
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