Florida Citizens Property Insurance Corp. on Aug. 20 made its case to regulators for an average 7.5 percent rate hike, while acknowledging what the CEO of the state-run insurer calls a "difficult and delicate exercise."
The largest insurer of property in the Sunshine State says it is asking for an increase of 6.5 percent in homeowners insurance rates, which would add $96 million in premium.
In his opening remarks, CEO Barry Gilway (pictured) said that while last-resort insurer is striving to become more actuarially sound, it recognizes the financial impact on its policyholders. Still, the entity also has an "obligation to all Florida policyholders who will be called upon to pay assessments in the event our financial resources are exhausted."
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