Citizens Discusses Financial Soundness Following Irma
Citizens Property Insurance Corporation recently updated its Hurricane Irma response and discussed the financial impact of the storm as the 2017 hurricane season has now drawn to a close. Citizens reports that Irma will produce an estimated $1.2 billion in insured losses, but points out that the losses remain well within its claims-paying capacity.
Citizens has received about 62,000 claims from Irma, more than 40,000 of which are located in Miami-Dade, Broward, and Monroe Counties. Citizens has closed approximately two-third of its claims.
“With $6.4 billion in surplus and substantial reinsurance coverage, Citizens remains fiscally sound after responding quickly and effectively to Hurricane Irma,” said Citizens Chairman Chris Gardner. “But we still have much work to do. Our focus will remain on our policyholders until we have satisfactorily handled all outstanding claims.”