Reinsurance News
Citizens Property Insurance Corporation
Citizens to protect personal lines surplus with $200m of reinsurance
28th March 2019
Citizens Property Insurance Corporation, Florida’s state-run not-for-profit insurer, is for the first time since 2005 looking to secure around $200 million in traditional reinsurance coverage for its Personal Lines Account (PLA), which is comprised of 301,000 residential policies, most of which are not located along the coast. The company cites mounting ... Read the full article
Rate adequacy progress offset by rise in non-weather losses & AOB: Citizens
21st March 2019
Depopulation efforts and rate adequacy progress have been more than offset by a significant rise in non-weather water losses in South Florida, driving a need for rate increases, warns Citizens Property Insurance Corporation (Citizens), the state-run not-for-profit insurer. Despite Citizens' combined Hurricane Irma and Michael losses topping $2 billion, the firm's President, Chief ... Read the full article
Citizens proposes 8.2% rate increases for Florida homeowners in 2019
11th December 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has proposed to increase its average premium rates by 8.2% in 2019, driven by costly water-damage claims in South Florida. If approved by the Citizens Board of Governors and the Florida Office of Insurance Regulation, the increase would impact personal lines policyholders from ... Read the full article
Citizens to claim back $126.4mn from private reinsurers for Hurricane Irma
27th September 2018
Citizens Property Insurance Corporation (Citizens), Florida's insurer of last resort, has announced that it has incurred losses of $1.81 billion from Hurricane Irma, and that it expects to recover $126.4 million from the private reinsurance market and a further $534.7 million from the Florida Hurricane Catastrophe Fund (FHCF). Not long after ... Read the full article
Citizens defers increased rate package for Florida homeowners
19th June 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has announced that its Board of Governors has voted to defer action on a proposed 2019 rate package that includes a statewide average increase of 7.9% for personal lines policyholders. The company says the proposed rate increases reflect the impact of escalating nonweather related ... Read the full article
Citizens’ preparing for hardening reinsurance market in 2018
18th December 2017
Citizens Property Insurance Corporation is anticipating a hardening market as a result of hurricane Irma and other global catastrophe events experienced in the second-half of 2017, and is budgeting appropriately. The Florida state-backed insurer has announced its risk transfer plans for 2018, revealing that it will look to secure $1.45 billion ... Read the full article
Citizens retains $6.4bn surplus despite Hurricane Irma damages
1st December 2017
Citizens Property Insurance Corporation will remain financially stable with a $6.4 billion capital surplus and substantial reinsurance coverage despite being hit with an expected total of $1.2 billion from 70,000 Hurricane-Irma related claims. The state-managed property insurer has so far closed nearly two-thirds of the 62,000 Irma-related claims, including more than ... Read the full article
Florida’s AOB issue less of a problem with hurricane Irma: Citizens
20th November 2017
Jennifer Montero, the Chief Financial Officer (CFO) of Florida's insurer of last resort, Citizens Property Insurance Corporation (Citizens), has said that the region's assignment of benefits (AOB) problem isn't as much of an issue with hurricane claims. In recent times, Florida has suffered from an insurance claims abuse epidemic, known as ... Read the full article
Florida Citizens expects $1.23 billion Hurricane Irma losses
28th September 2017
Hurricane Irma will generate up to 70,000 claims and about $1.23 billion insured losses to the Citizens Property Insurance Corporation, according to initial estimates presented to Citizens' Board of Governors. The national carrier's surplus is amply capitalised to deal with these losses and still retain a remaining budget of $6.4 billion ... Read the full article
Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway
24th August 2017
The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article
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