Florida's Citizens Property Insurance premium volume nearly doubles
At the end of 2021,
In the Citizens 2023 operating budget report, outgoing president
The Citizens executive summary said 2023 will be a higher premium than the company has ever had in its 20 year history. Compared to previous years, the company said it has had growth rates approaching 500%.
"In 2019, Citizens wrote
reflecting projected 5-year growth rates in premium and policyholders of 486% and 276%, respectively," the report reads.
The report also said that the company is working towards delivering value and stabilizing internal business operations to reach "strategic objectives," such as reducing exposure, ensuring scalability, flexibility, and resiliency, and serving customers while reducing litigation.
Insurance litigation in
Instead, Senate Bill 2A, touted as a market overhaul, adjusted policies and programs used to handle insolvency and litigation, lowering the amount of time that claims can be taken to court and adding penalties for violating new protections put in place for reimbursement and contracts to cover policies.
SB 2A also created a "prompt pay law" regulation for
The December special session was the second of 2022 to attempt addressing property insurance. However, while it passed what lawmakers called an overhaul, the session also included unrelated legislation such as a toll relief program, and disaster recovery programs for victims of hurricanes Ian and
Shortly after the overhaul's passage,
For
Citizens said the "the increase in policy count will drive an increase in overall loss and loss adjustment expense activity." The executive summary also reported a 13.5% increase in operating costs.
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