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Citizens' president and CEO said that Citizens is now forecasting it will have about 1.3 million policies at the end of 2023, after earlier estimates of 1.5 million to 1.7 million policies.
Reinsurance, which is essentially insurance for insurers, helps drive the catastrophe-prone Florida insurance system.
The company said the move will affect only Farmers-branded policies and will not affect policies sold in Florida by subsidiaries Foremost and Bristol West.
Florida, Louisiana and the other states are challenging Risk Rating 2.0, which changed the methodology for determining flood insurance prices.
United Property & Casualty has faced deep financial problems for months, including announcing in August that it would exit Florida's troubled homeowners' insurance market.
The state's insurer of last resort is a measuring stick for the health of the private insurance market.
The Restoration Association of Florida and Florida Premier Roofing say a requirement for scaling back roof-damage claims is unconstitutional.
In a new report, AM Best pointed to remaining questions about how law changes will affect reinsurance.
The insurance market has faced massive problems during the past two years, with insurers seeking large rate increases and dropping hundreds of thousands of customers because of financial losses.
Issues slated to be addressed include boosting the availability of critical reinsurance and bolstering the financial stability of the state's insurer of last resort.
{ "author": { "name": "Jim Saunders", "webUrl": "/author/profile/jim-saunders/", "description": "", "imageLarge": "https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g", "estimate": 44, "social": [], "articles": [ { "uri": "/2023/09/29/citizens-policy-count-could-decrease-414-244287/", "title": "Citizens policy count could decrease", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "September 29, 2023", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/09/Citizens-Property-Insurance-Corporation-767x633-1.jpg", "width": "767", "height": "633" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Citizens' president and CEO said that Citizens is now forecasting it will have about 1.3 million policies at the end of 2023, after earlier estimates of 1.5 million to 1.7 million policies.", "body": null }, { "uri": "/2023/07/14/floridas-critical-reinsurance-market-improves-but-at-a-price-414-240773/", "title": "Florida's critical reinsurance market improves, but at a price", "byline": "Jim Saunders", "kicker": "Market Insights", "prettyDate": "July 14, 2023", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/07/Hurricane-Michael-767x633.jpg", "width": "768", "height": "633" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/market-insights/", "sectionName": "Market Insights" } ], "summary": "Reinsurance, which is essentially insurance for insurers, helps drive the catastrophe-prone Florida insurance system.", "body": null }, { "uri": "/2023/07/13/florida-insurance-market-takes-hit-as-farmers-insurance-exits-414-240707/", "title": "Farmers pulling reins on property lines in Florida, California", "byline": "Jim Saunders and Jim Turner", "kicker": "News", "prettyDate": "July 13, 2023", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/07/shutterstock_498488476-767x633.jpg", "width": "786", "height": "633" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" }, { "webUrl": "/author/profile/jim-turner/", "name": "Jim Turner" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "The company said the move will affect only Farmers-branded policies and will not affect policies sold in Florida by subsidiaries Foremost and Bristol West.", "body": null }, { "uri": "/2023/06/09/florida-joins-9-other-states-to-fight-flood-insurance-revamp-414-239297/", "title": "Florida joins 9 other states to fight against NFIP's Risk Rating 2.0", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "June 09, 2023", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/06/Flooding-Article-202306081120.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Florida, Louisiana and the other states are challenging Risk Rating 2.0, which changed the methodology for determining flood insurance prices.", "body": null }, { "uri": "/2023/02/23/insolvent-insurer-united-property-casualty-headed-to-receivership-414-234643/", "title": "Insolvent insurer United Property & Casualty headed to receivership", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "February 23, 2023", "timeToRead": "5 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/02/UPC-Header.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "United Property & Casualty has faced deep financial problems for months, including announcing in August that it would exit Florida's troubled homeowners' insurance market.", "body": null }, { "uri": "/2023/01/05/citizens-policy-count-up-50-in-2022-414-232433/", "title": "Florida's Citizens Property sees policy count grow about 50% in 2022", "byline": "Jim Saunders", "kicker": "Analysis", "prettyDate": "January 05, 2023", "timeToRead": "3 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/01/Citizens-Property-Insurance-Corporation-Article-202301041905.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/analysis/", "sectionName": "Analysis" } ], "summary": "The state's insurer of last resort is a measuring stick for the health of the private insurance market.", "body": null }, { "uri": "/2023/01/03/roof-damage-fight-goes-to-first-district-appeals-court-414-232296/", "title": "Florida roof damage fight goes to appeals court", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "January 03, 2023", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2023/01/Storm-damaged-house-with-protective-tarp-Article-202207290818.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "The Restoration Association of Florida and Florida Premier Roofing say a requirement for scaling back roof-damage claims is unconstitutional.", "body": null }, { "uri": "/2022/12/27/florida-insurance-changes-will-help-take-time-414-232104/", "title": "Florida insurance changes will help, take time", "byline": "Jim Saunders", "kicker": "Analysis", "prettyDate": "December 27, 2022", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/12/Hurricane-damaged.jpg-image620x372.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/analysis/", "sectionName": "Analysis" } ], "summary": "In a new report, AM Best pointed to remaining questions about how law changes will affect reinsurance.", "body": null }, { "uri": "/2022/12/13/insurance-proposals-could-bring-big-changes-414-231506/", "title": "Florida releases insurance proposal details for special session", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "December 13, 2022", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/12/Florida-State-Capitol-Building_2.jpg-image620x372.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "The insurance market has faced massive problems during the past two years, with insurers seeking large rate increases and dropping hundreds of thousands of customers because of financial losses.", "body": null }, { "uri": "/2022/12/08/major-insurance-issues-teed-up-for-legislative-special-session-414-231335/", "title": "Major insurance issues teed up for another legislative special session in Florida", "byline": "Jim Saunders", "kicker": "News", "prettyDate": "December 08, 2022", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/12/Hurricane-Ian-destroyed-Article-202212071836.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/jim-saunders/", "name": "Jim Saunders" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Issues slated to be addressed include boosting the availability of critical reinsurance and bolstering the financial stability of the state's insurer of last resort.", "body": null } ] } }
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