Search
 

Florida Citizens Property Corp. Makes Case for 7.5% Rate Hike

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.

By Chad Hemenway | Updated on August 21, 2013
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.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.