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Citizens Property Insurance Corporation’s president Barry Gilway and members of its board recently expressed concern that increased water damage claims and the “assignment of benefits” issue could adversely affect Citizens’ depopulation efforts. Water damage claims and the AOB issue are leading to rate increases, particularly in in South Florida where the issues are most prevalent. […]
Citizens Property Insurance Corporation recently received approval of its 2016 rates, which will go into effect February 1, 2016. The rates as approved by the Florida Office of Insurance Regulation are similar in the aggregate to those filed by Citizens, although the OIR made some adjustments in approving the final rates. The statewide average rate […]
After the devastating series of storms in 2004 and 2005, Florida has enjoyed a run of essentially storm-free years. This has led to improved conditions in the private insurance market, and consequently to reductions in the policy count of Citizens Property Insurance Corporation. Citizens therefore expects that it in 2015 it will be able to […]
The policy count at Citizens Property Insurance Corporation continues to decline, with further reductions projected over the next few months. Citizens had more than 1.4 million policies just two years ago. As of July 31 of this year, it had fewer than 950,000 policies. Citizens president Barry Gilway recent said he expects Citizens to have […]
Citizens Property Insurance Corporation has announced that it will not add renewal policies to its clearinghouse until closer to November 1 rather than August or September as previously planned. Currently, new business entering Citizens goes through the clearinghouse process, which allows participating insurers to identify policies meeting their desired underwriting criteria and make offers of coverage […]
A proposal that would facilitate the repair of homes insured by Citizens Property Insurance Corporation is gaining support but is opposed by the trial bar. The Senate Banking and Insurance Committee advanced a bill that would adopt a form of “managed repair” program for Citizens’ sinkhole claims. Citizens president Barry Gilway favors the proposal as a way […]
Citizens Property Insurance Corporation anticipates launching its clearinghouse on January 27, 2014, instead of January 2 as originally intended. Speaking before the Senate Banking and Insurance Committee, Citizens president Barry Gilway said that moving the date back “gives us the opportunity to conduct far more user-acceptance testing, and, with a much more degree of confidence when we […]
Florida Chief Financial Officer Jeff Atwater spoke before the Senate Banking & Insurance Committee to say that “standing still” on Florida property insurance issues is not an option. Atwater encouraged the committee to pursue legislation designed to reduce the potential assessment burden on all Floridians that would arise from deficiencies in the state-created insurance entities. […]
Citizens Property Insurance Corporation president Barry Gilway recently commented that Citizens has the worst coverage in the marketplace, but it is not deterring about 8000 Floridians a week from obtaining coverage with the residual market. Gilway and Citizens are working toward a better method of allowing interested companies to write policies before they enter Citizens in […]
Rate levels for Citizens Property Insurance Corporation once again will be in the spotlight this week. The board of governors will hold a workshop to discuss Citizens’ rate levels for the upcoming year. Under Florida law, Citizens submits recommended rates to the Florida Office of Insurance Regulation, which then is responsible for approving Citizens’ final […]
