Fla. CFO Calls for Rejection of Cincinnati Indemnity Co. Rate Increase Request

Florida’s Chief Financial Officer Tom Gallagher has urged Insurance Commissioner Kevin McCarty to reject a 36.7 percent rate increase request by Cincinnati Indemnity Company/Insurance Company.

“After directing our Consumer Advocate’s office to review the request for an increase, our team revealed deficiencies and unsupported claims in Cincinnati’s rate filing,” Gallagher said. “Cincinnati has not justified the numbers it submitted for projected losses and reinsurance costs.”

Gallagher asked his Consumer Advocate to present the findings of the independent review at a public hearing earlier in the week at the Sarasota-Bradenton International Convention Center in Sarasota.

Gallagher concluded, “We will be vigilant in protecting against unwarranted and unsubstantiated rate increase requests. I urge Insurance Commissioner McCarty to reject this rate request.”