September 28, 2023

« Return to Floridian of the Year
Newsmakers of the Year - Statewide

Citizens

The state-run insurer brought some problems on itself.

Florida went another hurricane season without a significant storm — but not so for Citizens Property Insurance, the subsidized state insurer of last resort. Citizens brought on its own rough weather: Luxury spending by employees and eliminating its internal watchdog team as it investigated misconduct, a sex scandal and golden parachutes. Citizens says it actually was improving integrity controls through a reorganization but, amid a media storm, Gov. Rick Scott asked for an outside investigation into the goings-on. Meanwhile, Citizens worked to shrink risk — a process perennially controversial with policyholders who are shifted to private-sector companies. Citizens wants to go down to 1.2 million policies this year from 1.5 million in 2012.

Another year of collecting premiums without having to pay them out to cover storm damage makes Citizens more robust. It has $6 billion in surplus and, including government and private reinsurance, can pay $14.7 billion in claims without having to go into hock and sock ratepayers to pay it back. Still, that’s far short of its 1-in-100 year storm risk of $21.6 billion.

Tags: Floridian of the Year, Around Florida, Insurance, Newsmakers of the Year, Statewide Newsmakers

Florida Business News

Florida News Releases

Florida Trend Video Pick

Largo park offers refuge for wounded, winged warriors
Largo park offers refuge for wounded, winged warriors

In the woods where only the powerful survive, you will find a common refuge for wounded and winged warriors. Twenty-two birds that once hunted are getting a helping hand and a permanent place to call home at the George McGough Nature Park in Largo.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Do you believe that home values in Florida have finally peaked?

  • Absolutely!
  • No way!
  • The jury's still out...
  • Other (Let us know in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2023 Trend Magazines Inc. All rights reserved.