$209B
Insurance Industry Regulated by OIR
4,833
Insurance Related Entities in Florida
3.5%
Florida GDP Generated by Insurance Industry, 2020
213,132
Insurance Industry Jobs
IN THE NEWS
OIR Issues Orders Establishing 2022 Rates for Citizens Property Insurance Corporation
Jun 24, 2022
Tallahassee,
Fla. – The Florida Office of Insurance Regulation (OIR) has established
the 2022 personal property and commercial property insurance rates for Citizens
Property Insurance Corporation (Citizens).
OIR
held a virtual public rate hearing to receive public comment on the filings on
March 31, 2022. At the hearing, Citizens provided testimony in support of its
rate recommendations and received comments from members of the public on the
effects of the rate filings. Public comments were accepted for consideration on
rate filings until April 14, 2022.
Following
a review of the complete record, OIR established rates for Citizens’ Coastal
Account (CA), Commercial Lines Account (CLA), and Personal Lines Account (PLA).
The effective date for new and renewal rates is September 1, 2022. The Orders
are available here.
The
charts below provide the overall estimated statewide average rate changes for
personal lines accounts, coastal accounts and commercial lines
accounts.
Overall Estimated Statewide Average Rates Changes – PLA & CA | ||
---|---|---|
Account | Original Rate Requested | Established Rate |
Homeowners Multi-Peril (PLA & CA) #22-002005 | +10.7% | +6.4% |
Homeowners Wind-Only (CA) #22-002027 | +10.0% | +9.8% |
Property/Personal (Dwelling Fire) Multi-Peril (PLA & CA) #22-002262 | +10.8% | +8.4% |
Property/Personal (Dwelling Fire) Wind Only (CA) #22-002263 | +10.4% | +10.1% |
Mobile Homeowners Multi-Peril (PLA & CA) #22-002505 | +10.7% | +10.6% |
Mobile Homeowners Wind Only (CA) #22-002504 | +10.6% | +10.6% |
Mobile Homeowners Physical Damage Multi-Peril (PLA & CA) #22-002899 | +10.8% | +10.7% |
Mobile Homeowners Physical Damage Wind Only (CA) #22-002900 | +10.7% | +10.7% |
Overall Estimated Statewide Average Rates Changes – CLA & CA | ||
---|---|---|
Account | Original Rate Requested | Established Rate |
Commercial Residential Property Multi-Peril Condominium Associations (CLA & CA) #22-003394 | +8.7% | +8.7% |
Commercial Residential Property Multi-Peril Excluding Condominium Associations (CLA & CA) #22-003395 | +10.2% | +10.2% |
Commercial Non-Residential Property Multi-Peril (CLA & CA) #22-003509 | +0.7% | 0.0% |
Commercial Residential Property Wind Only Condominium Associations (CA) #22-003648 | +9.9% | +9.9% |
Commercial Residential Property Wind Only Excluding Condominium Associations (CA) #22-003649 | +10.6% | +10.6% |
Commercial Non-Residential Property Wind Only (CA) #22-003765 | +11.0% | +11.0% |
Rate filings can be accessed via the Insurance Regulatory Filing System (IRFS) using
the file log numbers or company name. The most recent filing information will
be at the bottom of the results page. Additional information is available on
the Citizens public rate hearing webpage.