Sides Battle Over Insurance Litigation Changes
SB 2-A, Florida special session, AOB Claims, property insurance, Insurance Regulation News, Florida Legislature, Citizens Property Insurance Corporation
News & Updates
Citizens Property Insurance Corporation
Citizens Continues to Outpace Private Market Writings
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 […]
The big reason Florida insurance companies are failing isn’t just hurricane risk – it’s fraud and lawsuits
Hurricane Ian, Demotech, assignment of benefits, Insurance Regulation News, Florida Hurricane Catastrophe Fund, Citizens Property Insurance Corporation
Will Ian Consume Florida Cat Fund, Forcing More Back-Breaking Reinsurance?
Hurricane Ian, FHCF, special session, property insurance, Insurance Regulation News, reinsurance, Citizens Property Insurance Corporation
Hurricane Ian threatens an already wobbly insurance market in Florida
Insurance Regulation News, Hurricane Ian, property insurance claims, property insurance, Florida Legislature, Citizens Property Insurance Corporation
Joe Henderson: Hurricane Ian’s approach exposes Florida’s insurance crisis
Hurricane Ian, Governor Ron DeSantis, property insurance, Insurance Regulation News, hurricane season, Citizens Property Insurance Corporation, 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 […]