As efforts continued to sort out damage from Hurricane Idalia, regulators on Friday approved proposals by seven private insurers to pull as many as 202,000 policies from the state’s Citizens Property Insurance Corp.
Insurance Commissioner Michael Yaworksy signed orders approving the proposals by Homeowners Choice Property & Casualty Insurance Co., Slide Insurance Co., Florida Peninsula Insurance Co., Monarch National Insurance Co., Safepoint Insurance Co., Loggerhead Reciprocal Interinsurance Exchange and Edison Insurance Co.
Policies have poured into Citizens during the past three years as private insurers have dropped customers and raised rates because of financial troubles. As of Friday, Citizens had nearly 1.38 million policies — making it Florida’s largest property insurer. Citizens was created as an insurer of last resort but has become the go-to insurer for many homeowners.
That change was part of a wide-ranging package aimed at bolstering the insurance market. The willingness of insurers to take policies from Citizens could be a sign that the package, which also included such things as trying to limit lawsuits against carriers, has helped make the market more attractive to the industry.
While last year’s Hurricane Ian caused tens of billions of dollars in damage, Hurricane Idalia appears likely to have far less of an impact on the insurance industry. Idalia made landfall Wednesday in Taylor County and continued on a path through other rural areas.
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