A Florida insurance executive heading the state's residual market insurer warned an industry conference that homeowners' premium prices for some coastal locations in 2006 could rise by triple digits.
Robert Riker, president and executive director of Citizens Property Insurance Corp. in Florida, the state's insurer of last resort, said, "We're looking at a statewide average increase…of 60 percent, with many coastal areas receiving triple-digit increases."
Mr. Riker, was describing the indication from a two-part rate filing for Citizens, Florida's, during a session on catastrophe management at the 17th Annual Property-Casualty Insurance Conference in New York on Friday.
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