Florida Citizens ‘Going Naked’ on Re Below Cat Fund Layer; Could Mean Assessment
Reinsurance prices have dropped since Florida’s 2022-2023 litigation reform measures were enacted, but the biggest rate reductions are mostly for reinsurance above what the Florida Hurricane Catastrophe Fund provides, Citizens Property Insurance Corp. officials said this week.
“Rate reductions are expected to be in the range of approximately 5% for the layers below the Florida Hurricane Catastrophe Fund and north of 10% for layers above the Cat Fund,” Citizens’ Chief Financial Officer Jennifer Montero said at a special Board of Governors meeting Wednesday.