Citizens Insurance Faces Windstorm Impact
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- 1.1. Citizens Insurance Faces Windstorm Impact
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Citizens Insurance Faces Windstorm Impact
Citizens Property Insurance Corporation, Florida's largest property insurer, is facing a significant financial impact from Hurricane Ian. The storm made landfall in southwest Florida on September 28, 2022, as a Category 4 hurricane, causing widespread damage and flooding.
Citizens has received over 100,000 claims related to Hurricane Ian, with an estimated insured loss of over $5 billion. This is the largest number of claims and the highest estimated loss in the company's history.
The financial impact of Hurricane Ian on Citizens is expected to be significant. The company has already drawn down $1 billion from its catastrophe bond, and it is likely to need to access additional capital to cover its losses.
Citizens is a state-backed insurer of last resort, providing coverage to homeowners who cannot obtain insurance from private insurers. The company's financial stability is important to the Florida insurance market, and the impact of Hurricane Ian is likely to have a ripple effect on the entire industry.
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