Citizens’ report teed-up
At its March meeting, the Citizens Property Insurance Corporation Board of Governors agreed to contract with Florida State University to conduct an exposure reduction study. The study would identify any opportunities to reduce Citizens’ exposure as well as opportunities to expand and strengthen the Florida property insurance market.
The report, by FSU’s Florida Catastrophic Storm Risk Management Center, had the following scope:
- Identify opportunities for Citizens to further reduce its exposure while continuing to fulfill its mission as a residual market insurer;
- Identify inhibitors to Citizens’ further depopulation and identify strategies to expand Citizens’ depopulation; and
- Identify mechanisms to eliminate or reduce the re-population of risks by Citizens tracking the risks specifically depopulated.
The report, Citizens Exposure Reduction and Depopulation Opportunities Analysis, was referenced in the news last week and will be discussed at the December 16 Citizens board meeting. We’ll report more about this when the researchers make their presentation to the full board at that meeting.
LMA Newsletter of 11-30-20