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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 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 […]
Citizens Property Insurance Corporation’s president Barry Gilway recently projected the organization’s policy count could reach between 1 million and 1.3 million policies in 2022. Its policy count has been increasing steadily since late last year as adverse market conditions have eroded capital and reduced insurers’ willingness to write policies in several areas of the state. […]
The “Made in America” tax plan is drawing considerable opposition from observers familiar with Florida’s property insurance market. Its provisions labeled Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) are intended to close loopholes allowing corporations to avoid taxes through multi-national business structures. The proposal would establish a global minimum tax of 15 to 21%. […]
Citizens Property Insurance Corporation has continued to grow at a troubling rate in recent weeks. Its policy count topped 660,000 policies at the end of July. This represents an increase of about 23,000 policies compared to its June total, meaning Citizens continues to add policies at a rate of more than 5,000 per week. Citizens […]
The Florida legislature is returning to Tallahassee and preparing for its upcoming 2021 legislative session. Several key legislative committees hold hearings this week including the Senate Banking and Insurance Committee. The agenda for this week’s Banking and Insurance Committee meeting consists of presentations by Insurance Commissioner David Altmaier and President and Chief Executive Office of […]
Governor Ron DeSantis has signed HB 7065 reforming the use of assignments in Florida’s property insurance market. He also signed HB 337 relating to Florida’s court system and also accelerating the effective date of HB 7065’s attorney’s fee revisions. Most of the law changes relating to assignments of benefits (AOB) take effect July 1. However, […]
Citizens Property Insurance Corporation is delaying action on a proposed 2019 rate filing while it continues to look for ways to address concerns with assignments of benefits. Citizens’ board recently decided to defer a proposed 7.9% statewide average increase for its personal residential programs. The indicated rate need is much higher in some areas, but […]
The 2018 Florida legislative session is drawing to a close, barring any extensions or subsequent special sessions. This year’s session has been unusual for issues outside of the typical annual cycles of budgets and other expected business. The 2018 session began with a lot of attention directed to the range of relationships between legislators, staff […]
Citizens Property Insurance Corporation recently updated its Hurricane Irma response and discussed the financial impact of the storm as the 2017 hurricane season has now drawn to a close. Citizens reports that Irma will produce an estimated $1.2 billion in insured losses, but points out that the losses remain well within its claims-paying capacity. Citizens has […]
