Seen in Insurance Journal:
The OIR also approved a 15 percent rate increase for commercial wind-only policies. Effective Jan. 1, the increase will bring the cost of Citizens’ wind coverage closer to the cost of the wind portion of the coverage offered by private insurers in the rest of the state.[...]
Citizens Communications Director, Rocky Scott said Citizens originally requested an average 300 percent rate increase, saying that their commercial multi-peril rates had gone unchanged since 1980. He said state legislation passed in 2005 legally requires insurers to charge actuarially sound rates and that the average 300 percent increase would have accomplished that mandate.
Getting +15 on a +300 need. That’s, um, impressive.
This actually is part of a larger story, in which Citizens received a blessing for a property product that covers perils beyond the ever-popular wind coverage.
The expansion is probably not a bad thing…given that they certainly can’t get rate on wind.