American Property Casualty Insurance Association
  • Staff Contact: Brooke Kelley     
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Contact:

Brooke Kelley-Hunt

Phone:

(847) 553-3671 or 847-894-3881

Email:

brooke.kelley-hunt@pciaa.net

 

 

FOR RELEASE ON RECEIPT

February 11, 2014

PCI Statement Regarding Citizens Dropping Below 1 Million Policies

TALLAHASSEE—Donovan Brown, state government relations counsel for the Property Casualty Insurers Association of America (PCI), issued the following statement in regards to Citizens Property Insurance Corporation (Citizens) announcing that its number of policies has dropped below 1 million for the first time since 2006.

 

“The sustained reduction of Citizens policies will continue to enhance the Florida insurance market for the benefit of the consumer.  While we still have much work ahead of us to improve our market from the failed policies that ballooned Citizens, Florida's residual market slipping below 1 million policies is proof we are moving in the right direction in protecting Floridians. 

“Barring a major catastrophe, PCI and its members are cautiously optimistic that the Citizens clearinghouse, in conjunction with other traditional forms of policy takeouts, will continue to drive down the size of Citizens and reduce the exposure of a potential hurricane tax on Florida's consumers.  We look forward to the day when Citizens is returned to its true purpose as Florida's insurer of last resort."

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $190 billion in annual premium, 40 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 38 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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