Citizens Officials Worry Rate Cuts Compete With Private Insurers
|By Charles Elmore, The Palm Beach Post, Fla.|
|McClatchy-Tribune Information Services|
There was even worried talk that lower bills might hurt efforts to move customers to private insurers.
Not everyone shares in the prospective savings. Customers who get only their windstorm coverage from Citizens are looking at a 5.7 percent average increase in
Overall, though, bills would be trimmed an average of 1 percent statewide across all residential and commercial policies. Biggest winners: multi-peril homeowner rates are set to drop 6.3 percent statewide and 7 percent in
The average reduction for standard HO3 homeowner policies is 8.4 percent in
Members of the company's actuarial and underwriting committee expressed concern Tuesday that rate cuts might make Citizens more competitive with private insurers -- conflicting with goals of moving as many customers as possible out of
Chief risk officer
In the end, the committee approved the proposed rates unanimously. The full Citizens board meets Wednesday.
In other action Tuesday, Citizens consumer services committee member
Citizens has shrunk by 600,000 customers in recent years but remains the state's largest property insurer with 900,000 policies including about 100,000 in
(c)2014 The Palm Beach Post (West Palm Beach, Fla.)
Visit The Palm Beach Post (West Palm Beach, Fla.) at www.palmbeachpost.com
Distributed by MCT Information Services