Hurricane Ian threatens an already wobbly insurance market in Florida
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, property insurance, property insurance claims, Hurricane Ian
News & Updates
Citizens Property Insurance Corporation
Joe Henderson: Hurricane Ian’s approach exposes Florida’s insurance crisis
Governor Ron DeSantis, Hurricane Ian, Citizens Property Insurance Corporation, hurricane season, Insurance Regulation News, property insurance, Insurance Regulation
Citizens Policy Count Continues to Grow as Ian Approaches
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 […]
Lawsuits Continue to Plague Property 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 […]
Citizens Rate Disparity Likely to Grow
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 […]
Citizens Property Insurance Policy Count Continues to Increase
Citizens Property Insurance Corporation continues to add policies at an alarming pace at the onset of this year’s Atlantic hurricane season. Citizens recently hit a weekly total of 12,000 new policies as its total policy count approaches 900,000. With Citizens being the largest residential insurer in Florida, its current policy count is much higher than […]
Policies continue piling up at state-backed insurer
property insurance, Florida special session, property insurance reforms, Citizens Property Insurance Corporation, Insurance Regulation News
Gov. DeSantis wants insurance market problems fixed before diving into Citizens
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, Homeowner's Insurance, Governor Ron DeSantis, Florida special session
Effective Dates Key to Special Session Reforms
The Florida legislature has released its multi-faceted proposals for reforming Florida’s property insurance market. The proposed legislation includes temporarily expanding available capacity from the Florida Hurricane Catastrophe Fund, incentivizing loss mitigation through windstorm protective devices, increasing regulatory oversight for distressed insurers, and curbing Florida’s litigation crisis by rebalancing attorneys’ fee incentives. To effectively address Florida’s […]
Cat Fund reform is crumbs, Floridians need a feast: Demotech’s Petrelli
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, property insurance, Florida CAT Fund, Demotech, Florida special session