Five months ago, Citizens Property Insurance Corp. filed for a near-maximum-allowed rate increase for most of its policies, citing the need to continue depopulating the rapidly growing insurer of last resort. Last week, despite concerns that Citizens’ premiums are significantly …
Citizens Property Insurance Corp. directors said Wednesday they continue to worry about the state of the Florida insurance market, Citizens’ growth and its potential losses, despite $6.5 billion in surplus and an $81 million net gain for 2021. “We just …
A committee of the Citizens Property Insurance Corp. governing body produced some good news on litigated claims and some bad news Thursday, giving further insight into a big part of Florida’s insurance market. The bad news first: The number of …
Citizens Property Insurance Corp. is reminding agents that it is greatly expanding the number of property inspections, starting this month, in an effort to reduce its exposure. The inspections will come at no cost to the policyholder, and will be …
The former president of Florida’s Citizens Property Insurance Corp. has been found not guilty by a federal jury after he was charged with excavating a channel without authorization at his waterfront mansion. Thomas Grady, now the chairman of the Florida …
The board of governors for Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, wants the maximum allowed rate increase – 11% for next year and 12% for 2023 – in an effort to stem the insurer’s rapid growth. …
With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic. Residential property flood loss is estimated …
An investigation led by the Florida Department of Financial Services (DFS) Bureau of Insurance Fraud has led to the arrest of a Miami insurance agent for attempting to evade a higher insurance premium for his assisted living facility (ALF) client. …
Almost 25 years have passed since a Category 5 hurricane struck south of Miami, and the city’s vulnerability to catastrophic storm damage has grown exponentially, according to a new insurance underwriters’ analysis. At the time, Hurricane Andrew was the most …
Florida’s Citizens Property Insurance Corporation announced Jan. 20 that it has reduced its policy count to under 500,000. The company said in a statement that its policy count on Jan. 19 was 484,788, the lowest level recorded since Citizens was …
