Shut it Barry, you’re the market of last resort, so figure it out. The best way to handle it is to dramatically increase your premiums so you don’t attract too many properties that should be in the private market.
He can’t do anything. FL statues caps rate changes at 10% per policyholder (maybe a little higher for new business with the new law). That limits their overall increase to 7%-ish each year.
This guy gets it. Zero chance Citizens catches up to the private market given that statute and break-neck pace private carriers are taking rate to plug balance sheet holes.
I get it folks but it’s up to Citizens to help get the legislation fixed so the private market will stabilize and the policy count remain as low as possible. Not much else can be done unless the rate cap is released and the pricing is normalized relative to the market.
Agreed. Problem is the FL Bar Association’s lobbying efforts are beating the private industry’s when it comes to the reform fight. That’s what it comes down to when 99% of state legislators don’t understand the industry and only care when their constituents complain about higher rates or inabilities to acquire HO policies.
Shut it Barry, you’re the market of last resort, so figure it out. The best way to handle it is to dramatically increase your premiums so you don’t attract too many properties that should be in the private market.
A novel approach. Epic
He can’t do anything. FL statues caps rate changes at 10% per policyholder (maybe a little higher for new business with the new law). That limits their overall increase to 7%-ish each year.
This guy gets it. Zero chance Citizens catches up to the private market given that statute and break-neck pace private carriers are taking rate to plug balance sheet holes.
I get it folks but it’s up to Citizens to help get the legislation fixed so the private market will stabilize and the policy count remain as low as possible. Not much else can be done unless the rate cap is released and the pricing is normalized relative to the market.
Agreed. Problem is the FL Bar Association’s lobbying efforts are beating the private industry’s when it comes to the reform fight. That’s what it comes down to when 99% of state legislators don’t understand the industry and only care when their constituents complain about higher rates or inabilities to acquire HO policies.
Florida doesn’t have p&c insurance – it has maintenance policies for your home.. CEOs finally starting to realize that 2 years late.