Citizens property & Casualty Viability?
I was again astounded to read yesterday about how even the Board of Governors for Citizens, cannot make the legislature see the writing on the wall, when it comes to how much we all could be in debt if the state gets whacked by another Hurricane season like 2004. Letting the politicians artificially manipulate Citizens rates can only be described as the most economically stupid thing I have ever seen.
It seems the state is even going to make the Board lower rates in certain areas because they are at lower risk than coastal areas. Do they just not get it.? Shouldn’t Citizens be run like any other sound financial body? If they don’t have anough money to pay claims why on earth would they make them lower rates?
I’m going to say it again. Nobody needs to be with Citizens anyway. There are plenty of private carriers now that can write the business. The state needs to take a look at the business they have and make it harder for agencies to place the business in the pool when they know it can be written elsewhere. Between Universal P&C, St Johns, Olympus, American Traditions, Federated National, Pure, Lexington Insurance and lots of others, they have it covered.
Now if we can just get the politicains to get it!