Citizens’ property insurance will surpass one million policies in 2022 – CBS Miami
TALLAHASSEE (CBSMiami/NSF) – The state-backed Citizens Property Insurance Corp. has passed 800,000 policies and will top 1 million this year amid problems in the private insurance market, the chairman and CEO of Citizens, Barry Gilway.
Gilway told members of the agency’s board of governors that Citizens was adding about 5,500 fonts a week and pointed to what he called a “continuing deterioration” of the private market.
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Citizens had 801,341 policies Wednesday, down from about 570,000 policies in March 2021. Private companies are shedding policies and seeking big rate increases, drawing homeowners to Citizens, which was set up as an insurer of last resort.
Gilway said insurers were losing money in Florida and were “terrified” by the potential costs of reinsurance, which is essential relief coverage that insurers buy.
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“Just a sea of red ink, and it’s not going away anytime soon,” Gilway said.
The Board of Governors meeting came after lawmakers ended the regular legislative session last week without passing a bill to address property insurance issues.
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