Citizens records $1bn net loss in nine months

Citizens Property Insurance Corporation posted a net loss of $944.2 million for the period between January and September 2017.

This compares to a net profit of $71.9 million in the same period a year ago.

The net underwriting loss was $1.04 billion compared to $11.0 million in the first nine months of 2016.

End of September, Citizens said that Hurricane Irma would generate up to 70,000 claims and approximately $1.23 billion of insured losses to the corporation.

Citizens was created in 2002 by the Florida Legislature as a not-for-profit alternative insurer, whose public purpose is to provide insurance to, and serve the needs of, property owners who cannot find coverage in the private insurance market.

Net premiums earned fell to $487.5 million in the first nine months of 2017 compared to $506.3 million in the same period a year ago.

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