NAVIGATION

September 25, 2016

« 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

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Storytime with Barbara Bush and Brad Meltzer
Storytime with Barbara Bush and Brad Meltzer

As part of the Florida-based Barbara Bush Foundation for Family Literacy, Barbara Bush joined bestselling author Brad Meltzer for a very special storytime featuring Metzer's children's book, "I Am Lucille Ball."

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Rate your level of confidence in digital security:

  • 10 Extremely confident
  • 8-9 High level of confidence
  • 6-7 Ok
  • 4-5 Skeptical
  • 2-3 Low
  • 1 No confidence

See Results

Ballot Box
Subscribe