Florida property insurers may continue facing instability through 2021 Malena Carollo, Tampa Bay Times © DOUGLAS R. CLIFFORD/Times/Tampa Bay Times/TNS Floridas property insurance market was rattled this year as insurers faced financial pressure on a number of fronts, and it won t face an easier landscape next year. Pictured are homes in Mexico Beach in 2019, a year after Hurricane Michael slammed the coastal city. | [Times file]
Florida’s property insurance market was rattled this year as insurers faced financial pressure on a number of fronts.
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Rates spiked by double digits to help pay for rising reinsurance costs. Storm claims lingering from two years-old hurricanes continue to put a drag on insurers’ finances. And that’s compounded by a continued high volume of litigation over claims that aren’t related to storms.
State-subsidized insurer adds 100,000 policies as Florida property insurance rates surge
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Citizens to Delay Rate Increases, For Now December 17, 2020
Citing a flood of new policies entering Citizens Property Insurance Corp. and a growing disparity between its rates and rising rates of private insurance companies, the board of Florida’s insurer of last resort voted unanimously to postpone final action on its proposed 2021 rates.
Citizens’ Board of Governors called the company’s growth unsustainable at its meeting Wednesday and said steps need to be taken now to ensure that Citizens maintains its role as the state’s insurer of last resort. They directed staff to work with the Florida Office of Insurance Regulation (OIR) to seek ways to bring Citizens rates more in line with private market carriers while staying within the statutory glidepath for current policyholders.