Citizens Property Insurance Corp. faces $1.2 billion in losses following Hurricane Irma, Board of Governors chair Christopher Gardner reported Wednesday.
Insurance claims from Hurricane Irma now have surpassed $2 billion, the Office of Insurance Regulation announced Tuesday. As of 4 p.m. Monday, 372,281 claims represented $2,168,674,31 in dollar losses.
State regulators have received notice of more than 335,000 insurance claims since Hurricane Irma hit Florida, mostly concentrated in Central and South Florida, with losses nearing $2 billion. The bottom line as of 4 p.m. Sunday was 335,347 claims, according to the Office of Insurance Regulation. Total estimated insurance losses were $1,954,947,889.
Citizens Property Insurance Corp. had fielded 15,900 Irma-related storm damage claims at last count — a fraction of the more than 100,000 claims the company expects in the weeks ahead.
Former state Rep. Tom Grady will take Jimmy Patronis‘ place on the Constitution Revision Commission (CRC), Gov. Rick Scott announced Thursday evening. In picking Grady, a Naples attorney and a friend of Scott’s, the governor passed over the three alternates he previously selected to fill an empty seat on the commission, which will review the state’s governing document for possible changes.
State regulators have approved two private insurers to assume more than 19,000 policies from Citizens Property Insurance Corp. during August. National Specialty Insurance Co., based in Fort Worth, Texas, will take over as many as 4,520 personal coastal residential policies. Southern Oak Insurance Co., of Jacksonville, will assume as many as 5,000 personal lines and 10,000 coastal account policies. The switch-outs would take effect Aug. 22, the Office of Insurance Regulation said Friday. Thus far this year, regulators have approved…
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…