Citizens Sees Increased Demand for Policies
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year.
“One of the Office’s goals continues to be to support a competitive property insurance market. It is encouraging to see the commitment of these domestic companies to bring more jobs as well as additional insurance capacity to Florida,” said Insurance Commissioner Kevin McCarty.
The additional policies were approved for Florida Peninsula Insurance Company (10,000 policies) and American Integrity Insurance Company (50,000 policies). This brings to the totals for November to the following:
Florida Peninsula Insurance Company – 45,000 policies
Homeowners Choice P&C Insurance Company – 75,000 policies
Southern Fidelity P&C, Inc. – 30,000 policies
Southern Oak Insurance Company – 10,000 policies
American Integrity Insurance Company of Florida – 50,000 policies
The number of policies ultimated removed from Citizens will be affected by any overlaps in the policies sought by these insurers as well as by decisions of some policyholders to remain in Citizens.
The November assumptions are expected to be followed by another round of requests in December, indicating a more favorable trend in the private insurance market than has existed over the last couple of years.