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’s Citizens Insurance will limit rate increase over the next several years
Earlier this year, Florida’s largest home insurance company, Citizens Property Insurance Corp., proposed the largest rate increase in the state’s history. The company sought to increase the average rates of insurance policies for homes and business by 400% throughout the state, along with a proposed 2,000% increase for certain, risk-prone counties. The proposal was opposed by several consumer advocacy groups, but that opposition proved futile as state insurance regulators approved the proposal. Since the approval, lawmakers have been struggling to find a balance between enacting the rate increase and granting…
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