September 22, 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

Gator with missing jaw finds home in Florida park
Gator with missing jaw finds home in Florida park

A Florida reptile park has taken in an alligator that lost its nose and upper jaw to a fight or boat propeller. Gatorland Orlando said over the weekend that the injured alligator came from a lake in nearby Sanford, about 20 miles (32 kilometers) northeast of Orlando. “She had basically no chance of surviving in the wild with such a severe injury,” the park said in a social media post.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Why do you believe Florida's teacher shortage is at an all time high?

  • New legislative restrictions
  • Parent/guardian involvement
  • Student disciplinary issues
  • Compensation
  • Curriculum

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.