4 December 2017Insurance

Citizens keeps $6.4bn surplus after Irma

Florida’s Citizens Property Insurance Corporation has closed nearly two-thirds of the 62,000 Irma-related claims but retains $6.4 billion in surplus as the hurricane season ends.

Hurricane Irma, which hit the Florida Keys on Sept. 10, 2017, as a Category 4 hurricane, is expected to produce up to 70,000 claims and $1.2 billion in damages to Citizens policyholders.

“With $6.4 billion in surplus and substantial reinsurance coverage, Citizens remains fiscally sound after responding quickly and effectively to Hurricane Irma,” said Chris Gardner, chairman of Citizens’ board of governors. “But we still have much work to do. Our focus will remain on our policyholders until we have satisfactorily handled all outstanding claims.”

Industrywide as of Nov. 13, 2017, hurricane Irma had produced 830,788 claims and more than $5.8 billion in property damage, according to data from the Florida Office of Insurance Regulation.

Citizens was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity. Its mission is to provide insurance protection to Florida policyholders who are entitled to but are unable to find property insurance coverage in the private market.

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More on this story

20 November 2017   Citizens Property Insurance Corporation posted a net loss of $944.2 million for the period between January and September 2017.
21 June 2017   The board of governors of state-backed Citizens Property Insurance Corporation approved rate increases for personal lines policyholders.
14 December 2018   The board of governors of Florida-based Citizens Property Insurance Corporation has approved a statewide 2019 rate increase of an average of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters.