The Institutes

Florida's Citizens Says Sinkhole Claims Forcing Proposed Rate Hike

 Wednesday, September 8, 2010

 Insurance Journal

At a hearing yesterday before the Florida Office of Insurance Regulation, Citizens Property Insurance Corp. officials blamed sinkholes as the major reason the public insurer needs a rate increase. Testifying at the public hearing in Tallahassee, Paul Palumbo, a senior vice president for underwriting, said Citizens took in $19.6 million for sinkhole coverage in 2009. But the company paid out $97 million in claims costs.
Property
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