1 Selected Coverage Percentage Options: Each company is entitled to select coverage options of 90 percent, 75 percent, or 45 percent.
a. A total of 195 companies signed reimbursement contracts with the fund, down from 202 participating insurers last year.
b. Of these, 172 companies selected 90 percent coverage (down four from last year); 23 companies selected 45 percent coverage (down three from last year.) None selected 75 percent coverage.
2 Selection of Temporary Increase in Coverage Limit (TICL). Each company is entitled to select its Cat Fund premium share of a total of $10 billion of TICL optional coverage.
a. Seventy-three companies selected TICL coverage (down 60 from last year).
b. Sixty-one of the 73 selected their share of the full $10 billion limit available; 12 companies selected their share at less than the full $10 billion.
c. A total of 122 companies did not select TICL coverage.
d. Total TICL coverage selected (based on a projection of last year's premium) was $5,556,993,011. Therefore, of the $10 billion available, the TICL coverage not selected was $4,443,006,989.
e. The total reinsurance transferred back to the private reinsurance market, capital markets, and/or retained by insurers themselves, was $6,443,006,989. This includes the $2 billion reduction in coverage by the Legislature and the above amount of TICL not selected by insurers out of the $10 billion available.
f. Citizens Property Insurance Corp.'s selections accounted for $3,587,038,215 (64.55 percent of the total TICL). Of that, the Citizens High Risk Account selected $2,359,050,233; the Citizens Personal Lines Account/Commercial Lines Account selected $1,227,987,982.
g. Of the $5,556,993,011 TICL coverage selected, all other participating insurers selected $1,969,954,796 (35.45 percent of TICL selected).
3 Participating Insurers Selecting the Up-to-$10-Million Coverage Option
a. Out of the 55 companies potentially eligible to select the coverage, 25 did so.
b. Of these, 21 selected the full $10 million; four selected less than $10 million in coverage.
