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Representative Bryan Nelson and Senator Garrett Richter have released a white paper entitled, “How Critical is Property Insurance in Florida?” drawing attention to Florida’s reliance on assessment (taxing) mechanisms to prop up the state’s insurance market. Nelson and Richter point out that Florida is making promises through three government-run entities that the state probably will […]
Policymakers, industry representatives and other interested parties continue to discuss the role of Citizens Property Insurance Corporation in the Florida market and opportunities that might exist to reduce its size. Various parties have proposed ideas for encouraging the admitted market to write more business or to take policies out of Citizens. Citizens officials recently convened […]
Citizens Property Insurance Corporation hosted a depopulation summit last week in Tampa. The event has been widely discussed in the media and other forums. These summaries typically provide a broad overview of the discussion, often concentrating on the public policy considerations that go along with decisions about the extent to which property insurance prices should […]
Citizens Property Insurance Corporation is hosting a depopulation summit today in Tampa. The session will begin with a discussion of the recent survey Citizens conducted to determine insurers’ thoughts on removing policies. Topics to be discussed in this area include the ability of insurers to charge adequate rates, the availability and cost of reinsurance for […]
Policyholder groups and other interested parties in recent weeks have been debating various aspects of the coverage provided by Citizens Property Insurance Corporation. These discussions show the challenge of dealing with issues affecting a residual market as large as Citizens in a market as challenging as Florida. In some areas of the state policyholders generally […]
The rate levels of Citizens Property Insurance Corporation have received considerable attention in recent weeks. Citizens committees have considered the possibility that under current law it should be charging actuarially sound rates for new customers and its capped rates should apply only to existing customers. Although the statutory basis for this approach has been part […]
Citizens Property Insurance Corporation is hosting a forum on June 1, 2012, in Tampa to discuss proposals for depopulation. Accordingly to a recently published agenda, the meeting will concentrate on barriers to depopulation and potential solutions. This will include the adequacy (or lack thereof) of Citizens’ rates as well as issues pertaining to data quality. […]
The so-called “right-sizing” proposal of the Florida Hurricane Catastrophe Fund (FHCF) is on the agenda of the Senate Budget Subcommittee on General Government Appropriations today. This proposal would increase the FHCF’s retention over time, and reduce the amount of coverage it makes available to residential property insurers. I have written about this proposal, known in […]
The Florida House of Representatives has advanced HB 1127 by a vote of 89-25, sending it to the Senate for consideration. This is the bill that would decrease the reliance of Citizens Property Insurance Corporation on regular assessments, shifting instead to more of an emergency assessment-based approach. This is a rare bill in which Citizens, […]
Citizens Property Insurance Corporation recently sent a survey to companies authorized to write property insurance in Florida seeking their input regarding impediments to depopulation. Citizens’ policy count has increased dramatically in recent months, and interest in so-called take-out has been limited. The reconstituted depopulation committee of Citizens met last week to consider the results. The […]
