Citizens Insurance lost $27.1 million during 2016; first loss in a decade
Citizens Property Insurance Corp. lost money for the first time in a decade because of water loss claims, assignment of benefits abuse, and rising litigation costs, the company said Wednesday. Staff at Florida’s insurer of last resort told its board of governors that they expect to post a $27.1 million loss for 2016. “Every year, we rely on standardized, accepted actuarial principles to set our rates,” chairman Chris Gardner said in a press release. “Last year, the same principles that provided rate decreases to…
You might be interested in
