Citizens Property Insurance Corp. (Citizens) News

Citizens People Moves: Thomas Joins Board, Beruff Becomes Chair, Dunbar to Rep FIGA

Several changes came to Florida’s Citizens Property Insurance Corp. Board of Governors this month with two new appointments and the approval of one board member to serve as a representative for the Florida Insurance Guaranty Association (FIGA). Florida Chief Financial …

Florida Property Insurance Market Inches Closer to Crisis – Part 2

The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …

Florida Property Insurance Market Inches Closer to Crisis – Part 1

After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …

As FAIA Chief Grady Says Goodbye, He Shares His Top 10 Moments

For 22 years, the Florida Association of Insurance Agents has been led by Jeff Grady, president and chief executive officer, who admits that when he started all those years ago he did not expect to “fall in love with insurance …

Former Florida Rep Diaz Appointed to Citizens Board of Governors

Former Florida State Representative Jose Felix Diaz Florida has been appointed to the Citizens Board of Governors for a three-year term beginning August 1. Diaz was appointed by House Speaker Jose Oliva, R-Miami. Diaz currently serves as executive vice president …

How Florida’s Strained Insurance Market is Facing COVID-19, Hurricane Season

From the threat of insurer ratings downgrades to mounting carrier losses because of excessive litigation to increasing insurance rates, Florida’s insurance market got off to a rocky start in 2020. Then came the COVID-19 global pandemic, causing further stress to …

Florida’s Capitol Preferred to Shed Nearly 24K Policies; Regulator to Monitor Operations

Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane season. In a May 12 consent order, …

Florida Carriers Seek Staggering Rate Increases Amid Market Turmoil

It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may be surprising for insureds, however, is how substantial the …

An Update on Florida Insurer Downgrade Situation: Demotech Commentary

Demotech began involvement with the Florida homeowners’ insurance market at the State of Florida’s invitation in 1996 and today reviews and rates 46 insurers that write approximately 66% of Florida’s homeowners’ insurance premium. While Demotech reviews and rates 403 entities …

More Than a Dozen Florida Insurers Facing Ratings Downgrades

The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen …