TOP FLORIDA WORKERS’ COMP INSURERS
Source: Highline Data, www.highlinedata.com
E FLORIDA CFO JEFF ATWATER says he will create a working group to review the check-cashing-services industry in relation to efforts to fight workers’ compensation premium fraud. Atwater says
organized criminal enterprises are setting up shell companies and obtaining minimal workers’ comp
insurance policies. Uninsured contractors then pay a fee to use the shell policy and present a copy
of the shell certificate of insurance to a general contractor, Atwater says. The fraudsters then get jobs
because they are able to underbid honest contractors. Atwater says the working group will include representatives from the CFO’s Division of Insurance Fraud, the Office of Financial Regulation, the Attorney
General’s Office, and the construction and money-services industries. The group will develop recommendations and present them to Gov. Rick Scott and the Cabinet in late fall.
E MARKETSCOUT’S LATEST MARKET
BAROMETER provides further evidence that
property and casualty rates are flattening, as rate
decreases in July stood at 2 percent. July represents the third straight month that rate decreases
narrowed from 5 percent and above. Some lines—
workers’ compensation, professional liability, directors and officers liability, crime and surety—showed
rate increases in July.
Insurance Sector Employment Changes*
Title & Other Direct
All other insurance-related activities
E OVERALL INSURANCE-INDUSTRY employment for June ticked up from
May by 4,600 jobs, to 2,215,800. Employment among P&C direct carriers
rose by just 300 jobs, or 0.07 percent, from May 2011. Jobs in this sector
of the industry are down 9,200 since June 2010. Growth was led by 2,800
more jobs among agents and brokers. Agent and broker employment has
increased by 9,300 from a low of 635,200 in February.
2,211,200 2,215,800 + 4,600
*preliminary data through June 2011. Not seasonally adjusted.
TOP MORTGAGE GUARANTY INSURERS
Market Share 2010
E MOODY’S POINTS TO THE TROUBLES experienced by two mortgage
insurers, noting that there may be opportunities for better-capitalized competitors. Moody’s says PMI Mortgage Insurance Co. and Republic Mortgage
Insurance Co. have breached regulatory capital thresholds amid large losses,
and it is unlikely they will receive continued forbearance from regulators.