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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