3 min read

Exploring the History of Citizens Insurance Company of Florida: From Inception to Present – AoB Podcast

Nicholas Lamparelli : Dec 23, 2024 12:00:00 AM

Assignment of Benefits Florida Podcast
Exploring the History of Citizens Insurance Company of Florida: From Inception to Present – AoB Podcast

Exploring the History of Citizens Insurance Company of Florida: From Inception to Present – AoB Podcast

by
Guests:
– Jay Adams – Chief Insurance Officer at Citizens Property Insurance Company
– John Kummer – Team Focus Insurance Group, former Deputy Insurance Commissioner of Florida
Episode Summary:
In this episode, host Nick Lamparelli talks with Jay Adams and John Kummer to explore the intricacies of Citizens Property Insurance Company, the insurer of last resort in Florida. The discussion covers the following key topics:
1. Introduction to Citizens Insurance:
– Citizens was established to provide insurance coverage for those unable to obtain it from the private market, particularly in times of catastrophe.
– The company serves as a barometer for the insurance market, fluctuating in size based on the availability of private market options.
2. The Need for an Insurer of Last Resort:
– John Kummer explains the historical context of Citizens’ formation, particularly following Hurricane Andrew in 1992, which highlighted the need for a safety net for homeowners in Florida.
3. Operational Dynamics:
– Jay Adams discusses how Citizens operates, including its semi-governmental status and the regulatory oversight it faces.
– The episode delves into how Citizens manages claims during catastrophic events and the importance of vendor partnerships to scale resources effectively.
4. Claims and Litigation:
– The conversation highlights the impact of litigation on claims processing, with statistics showing that claims that enter litigation can cost significantly more to resolve.
– Jay Adams shares insights on recent changes in legislation that affect claims reporting timelines and the implications for policyholders.
5. Takeout Process:
– John Kummer provides an overview of the takeout process, where private insurers can assume policies from Citizens, emphasizing the risks and strategic planning involved.
– The importance of timing and preparation for insurers looking to participate in takeouts is discussed.
6. Transparency and Education:
– The episode concludes with a discussion on Citizens’ commitment to transparency and the resources available for policyholders and potential takeout carriers.
– Both guests emphasize the importance of educating the public and stakeholders about the insurance landscape in Florida.
Key Takeaways:
– Citizens Insurance plays a crucial role in Florida’s insurance market, especially during times of crisis.
– Understanding the claims process, litigation impacts, and the takeout mechanism is essential for both policyholders and insurers.
– Transparency and proactive communication are vital for maintaining trust and efficiency in the insurance industry.
Resources Mentioned:
– Citizens Property Insurance Company website
– Contact information for Carl Rockman, Citizens’ Agency VP for depopulation inquiries: LINKEDIN
– Mike Maitland: EMAIL

About Nicholas Lamparelli

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

Nicholas Lamparelli
+ posts

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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