According to a June 20 report in the MiamiHerald, South Florida homeowners insured by Citizens PropertyInsurance Corp. will likely see annual premiums rise by more than10% next year if the company’s recently requested rate increase isapproved.
Citizens PropertyInsurance Corporation was created by the Florida Legislature inAugust 2002 as a not-for-profit, tax-exempt, government entity. Itsrole is to provide insurance protection to Florida policyholderswho are entitled to but are unable to find property insurancecoverage in the private market.
“The horizon looks really cloudy out there,” said Barry Gilway,president and CEO of Citizens, the second-largest holder ofproperty insurance in Florida — behind Universal Property &Casualty — at a meeting of the insurer’s board of governors in theOrlando suburb of Maitland, Mary Ellen Klas of the Herald/TimesTallahassee Bureau reported.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
