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The new year will bring personnel changes at key insurance-related organizations in Florida. Perhaps most notably, Insurance Commissioner David Altmaier stepped down effective December 28, 2022. Commissioner Altmaier first joined the Florida Office of Insurance Regulation in 2008. He held several roles within the property and casualty financial oversight area, including Chief Analyst. He then […]
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, property insurance, AOB Claims, Florida special session, SB 2-A
Citizens Property Insurance Corporation continues to take on policies at an alarming rate and its premium levels undercut the private market. At latest count, Citizens had almost 1.13 million policies. This is an increase of about 100,000 policies in the last three months. Since last November, Citizens has grown by nearly 400,000 policies. Even more […]
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, assignment of benefits, Demotech, Hurricane Ian
Citizens Property Insurance Corporation, reinsurance, Insurance Regulation News, property insurance, special session, FHCF, Hurricane Ian
Florida Legislature, Insurance Regulation News, property insurance, property insurance claims, Hurricane Ian, Citizens Property Insurance Corporation
Citizens Property Insurance Corporation, hurricane season, Insurance Regulation News, property insurance, Governor Ron DeSantis, Hurricane Ian, Insurance Regulation
The policy count of Citizens Property Insurance Corporation reached 1,064,000 as of the end of last week as Ian began to organize. This represented an increase of 9,000 policies over the prior week’s policy count. The recent policy count underscores the substantial growth Citizens has seen as a result of problems plaguing the Florida market […]
The Florida property insurance market continues to experience reduced availability and increasing prices due to extraordinary litigation levels. Widely-discussed sources show that Florida has nearly 80% of the nation’s property insurance litigation despite having less than ten percent of the countrywide claims. Stated differently, Florida had about 100,000 lawsuits last year, which vastly outpaced the […]
The disparity between Citizens Property Insurance Corporation’s rates and those in the admitted market is likely to grow. Premiums have increased significantly in the admitted market in recent years, driven by well-documented problems with inflated, represented and litigated claims. These concerns have been compounded by broader inflationary pressures in the economy, including supply chain disruptions […]
