While it was set up to be non-competitive with the private insurance market, Citizens' rates are priced considerably below market. According to Tim Cerio, Citizens president, CEO and executive director, Citizens' HO-3 policies are 44% cheaper than the nine competitors that hold 24% of the market. (Credit: Citizens Property Insurance Corporation)
Citizens Property Insurance Company, Florida's state-backed insurer, is looking to increase personal property rates an average of 13.4% and commercial rates 11.7%. The proposed increases still require approval by the state's insurance department.
During the past three years, Citizens has increased rates an average of 15%, while private market players in the state had a cumulative rate increase of 39% during that period.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
