Citizens Insurance sees thousands of new claims after Hurricane Ian

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Preliminary estimates for Citizens Property Insurance Corp. have the corporate anticipating upwards of 225,000 claims after Ian hit Florida as a Category 4 hurricane final week.

The damages and losses incurred are estimated between $1.9 and $3.7 billion, in keeping with Citizens Insurance spokesperson Michael Peltier.

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“We are financially stable. We have the ability to take care of all claims,” Peltier stated. “We’ve got the people in place. We’ve got the infrastructure in place to handle a major storm like this. We don’t expect with the projections we have so far that we would be levying any surcharges or assessments at this point.”

Citizens Insurance now has slightly below 1.1 million insurance policies in Florida, about 13% of the market share.

Florida’s property insurance market has been in disaster even earlier than Hurricane Ian, and the governor says Citizen’s Insurance is ready and in a position to pay out claims.

In the final 4 weeks, they’ve added almost 10,000 insurance policies per week.

The firm is state backed, which principally means supported by Florida taxpayers.

If Citizens Insurance exhausts its surplus and its means to pay claims, by regulation the corporate would assess or enhance charges for its policyholders first.

“And then to other Florida insurance consumers in the event we have a deficit to pay claims. We don’t think we are going to get to that point here with this storm at this time,” Peltier stated.

The firm stated it’s financially sound sufficient to deal with one other main storm this yr if it occurred.

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