Citizens News

Citizens Implements Contract Changes to Address Florida Water Losses

Citizens Property Insurance Corp. is alerting policyholders to important policy changes beginning July 1 as part of the state-backed insurer’s efforts to improve communication and protect customers early in the claims process while controlling costs that it has said threaten …

Special Report: Execs Warn of Impending Florida Market Crisis Over Water Loss Claims

  Abuse of assignment of benefits (AOB) from water loss claims has become a full-blown Florida insurance crisis that will mean higher insurance rates next year and for the foreseeable future for every Florida policyholder, according to Citizens Property Insurance …

Commentary: Florida’s Failure to Pass AOB Reforms Will Impact State Insurance Market

Following the 2016 Florida Legislative Session’s failure to pass essential assignment of benefit (AOB) reforms, the insurance industry and Citizens Property Insurance Corp. are working in tandem with the Florida Office of Insurance Regulation (OIR) to find workable administrative measures …

Florida Assignment of Benefits, Ridesharing Bills Approaching Dead End

It’s looking like Florida lawmakers will not provide resolution for two controversial issues currently facing the Florida insurance industry, this year at least. With just three days left in the 2016 Florida Session, legislative attempts at addressing the rising cost …

Citizens: $4.2M in Florida Customer Premiums Recovered in 2015

Citizens Property Insurance Corp. reports that it recovered more than $4.2 million in customer premiums in 2015 by aggressively pursuing third parties responsible for losses and salvaging property involved in a claim, the company said in a statement. Citizens said …

Florida’s Citizens Rolls Out New Website for Agents, Insureds

Citizens Property Insurance Corp. has launched a new website for customers, agents and other stakeholders that, according to the company, offers a more comprehensive gateway into the state’s insurer of last resort. Launched Feb. 1, the new site provides a …

Florida Fights Back Against Assignment of Benefits Abuse

Florida insurers, consumer and insurance advocates, as well as regulators, are hoping 2016 may finally be the year that legislators address the misuse of assignment of benefits (AOB) for water loss claims that they say has become a rampant and …

ILS Market Hits New Record of $70B in 2015: Willis Capital Markets & Advisory

Total non-life insurance linked securities (ILS) capital reached a record $70 billion at year-end 2015 – topping the previous record of $65 billion at year-end 2014, according to the latest ILS market update from Willis Capital Markets & Advisory, the …

Citizens Approves Policy Language Changes to Tackle Water Loss Issue

Citizens Property Insurance Corporation’s Board of Governors on Wednesday approved a slate of policy changes to bolster oversight of water loss claims while continuing to protect policyholders who need immediate emergency repair to water loss claims, according to a statement …

Florida Approves First Citizens Take-Out Offers for 2016

​The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 127,266 personal residential policies and 3,268 commercial residential/non-residential polices from Citizens Property Insurance Corporation. The announcement represents the first take-out for 2016 and the following five …