Citizens Property Insurance approves $5.5 billion reinsurance plan
Florida’s state-backed Citizens Property Insurance Corporation approved a $5.5 billion reinsurance strategy for 2024 to address rising property exposure, projected at $3.6 trillion, and adapt to changes in the reinsurance market amid increased demand and constrained capacity.
Citizens Property Insurance Corporation, Florida’s state-backed insurer of last resort, has announced a $5.5 billion reinsurance strategy for 2024 in a move to address the state’s growing property exposure and adapt to changes in the reinsurance market.
Florida’s property exposure is projected to reach $3.6 trillion in 2024, up from $3.3 trillion in 2023, a 9.3 percent increase driven by population growth, new construct...
