The Association of Bermuda Insurers and Reinsurers (ABIR) have begun criticizing Florida lawmakers over their inaction on the state’s Hurricane Catastrophe Fund. Legislators are also coming under fire from ABIR over their failure to take action on the troubled Citizens Property Insurance Corp., the state run insurance organization that accounts for the majority of coverage in the state. Both the Catastrophe Fund and Citizens Insurance are being crippled by financial problems, which could put the state in a very dangerous position once this year’s hurricane season kicks off. Insurers had…
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Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.
It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…
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