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It's an effort to stem a surge in new policies with the state-backed insurer. Citizens Property Insurance Corp. leaders Wednesday supported looking for ways to increase homeowners’ rates, as they try to stem a flood of new policies at the state-backed insurer. The Citizens Board of Governors effectively put on hold until late January a decision about a rate filing, as they expressed concerns about Citizens becoming what Chairman Carlos Beruff called the “800-pound gorilla” in the state’s property-insurance market. Citizens officials said the state-backed insurer has lower rates than many private insurers, giving consumers an incentive to buy and keep Citizens policies. At the same time, Citizens President and CEO Barry Gilway said the private insurance market has “severe profitability problems,” limiting companies’ capacity to take on new customers and helping spur requests for hefty rate increases.
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