Citizens Property Insurance Corporation Presentation to the Financial Services Commission

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1 Citizens Property Insurance Corporation Presentation to the Financial Services Commission Barry Gilway, President/CEO and Executive Director June 26, 2012

2 Policy Counts An Historical Look at Citizens Growth by Account Policy Counts by Year and Account 1,200,000 1,000, ,000 PLA Coastal Account CLA Liquidation of Poe Financial Group due to 2004/2005 claims High volume of depopulation activity High volume of depopulation activity Liquidation of 3 FL domestic carriers and State Farm partial withdrawal from market Increase in financial scrutiny of private carriers by the media. 600, , , Q Account Q PLA 936, , , , , , , , , , ,406 1,003, ,581 Coastal Account 465, , , , , , , , , , , , ,970 CLA ,157 3,863 3,702 3,212 8,841 12,911 9,570 9,126 8,453 8,374 8,347 Transition Policies n/a n/a n/a n/a n/a n/a 142,980 n/a n/a n/a n/a n/a n/a Total 1,402, , , , , ,017 1,298,9221,304,9491,084,2371,029,214 1,283,538 1,472,391 1,439,898 1

3 A Multi-Year Look at Probable Maximum Loss (PML) 100-Year Probable Maximum Loss by Account Single-Event Occurrence Exceedance 2

4 2012 Estimated Claims-Paying Ability Notes: 1.Surplus amounts consist of preliminary (unaudited) 2011 surplus and 2012 projected net income. 2.Pre-Event Liquidity does not represent risk transfer and any monies drawn must be repaid. 3.FHCF coverage is based on preliminary 2012 retention and payment multiples, but the actual retention and limits may be significantly different from these estimates.

5 Implement Basic Product Offer a basic product that will not compete with preferred products offered in the private market. Implementing coverage changes resulting in a $2B reduction in the PML. Developing a named peril HO8. Continuing to look at additional coverage change opportunities that will make us less competitive and/or result in additional PML/exposure reductions. 4

6 Completed Aggressive Risk Transfer Program The transfer and removal of risk reduces exposure and minimizes assessment potential. $750M in private reinsurance purchased $750M in Catastrophe Bonds Issued 5

7 Return of Policies to the Private Market Policies should be returned to and stay in the private market. Year-to-date 80,288 policies have been removed, representing $19.8B in exposure. Recent Depopulation Summit spurred interest in removing policies and generated creative proposals. Citizens is actively evaluating various proposals, including those that contemplate using Citizens surplus to augment private market capital. 6

8 Facilitating the Return of Policies to the Private Market Authorized insurers interested in removing policies from Citizens: Obtain access to confidential claims and underwriting files to evaluate books of business in detail. Receive approval, by order, from the Office of Insurance Regulation for takeout plan. Work with Citizens to select policies for removal and to notify policyholders and agents. Receive acceptance of takeout offer from policyholders and agents. Assumption occurs. 7

9 Public Education Campaign Policyholders in Florida need to know the whole story about Citizens. We are developing a comprehensive education campaign focused on funding and coverage differences. Survey Floridians to see whether or not they know about assessment potential Schedule editorial board visits throughout the state Hold town hall meetings Create educational materials for companies and agents to use when discussing insurance choices Revised assessment acknowledgement form to include an example 8

10 Developing a Comprehensive Sinkhole Strategy Citizens sinkhole loss experience is not sustainable. Since 2007, Citizens has collected $206 million in sinkhole premiums while paying $1.2B in losses and allocated loss adjustment expenses. Citizens now requires inspections for new business requesting sinkhole coverage, in 16 counties and will implement a sinkhole re-underwriting program for existing business in Citizens is developing a strategy centered around six key components: coverage, claims handling, fraud prevention, litigation, managed repair program and legislation. 9

11 Questions 10

12 Initiatives to Reduce Citizens Exposure Status Update Personal Lines Effective 1/1/2012 Multiperil New and Renewal Business; 2/1/12 Wind-only New and Renewal Business Eliminate coverage for screen enclosures and carports Effective 2/1/2012 New Business; 5/1/2012 Renewal Business Decrease maximum coverage in Coastal Account to $1M Effective 3/1/3012 New Business; 4/1/2012 Renewal Business Expand sinkhole inspection to additional 12 counties (total 16 counties) Effective 3/1/2012 New Business; 6/1/2012 Renewal Business Discontinue Builder s Risk Effective 5/1/2012 New Business; 6/1/2012 Renewal Business Implement mandatory 10% Sinkhole Deductible Eliminate Personal Liability increase limit ($300,000) Eliminate option to schedule individual Coverage B items Eliminate increased mold options: Property and Liability Eliminate increased Loss Assessment Coverage of $2,000/$3,000 (HO-3) and $3,000 (HO-6 types) Change Coverage B default to 2%, roll back in-force and require re-election of higher limits Change Coverage C default to 25%, roll back in-force and require re-election of higher limits Effective 9/1/2012 New Business; 10/1/2012 Renewal Business Revise guidelines to require 30+ year old homes have a 4 point inspection showing the electrical and plumbing systems have been updated and are in good working order Eliminate optional endorsement for Permitted Incidental Occupancies (business use at residence premises) Effective 1/1/2013 Renewal Business (date being confirmed) Implement sinkhole reunderwriting program for existing business; start with Hillsborough County and phase-in. Commercial Lines Effective 3/1/2012 New Business; 6/1/2012 Renewal Business Discontinue Builder s Risk Effective New Business; 6/1/2012 Renewal Business Eliminate coverage for all Special Class Items except for in-ground pools and masonry fences, for business other than condominium associations Eliminate Business Income and Extra Expense Coverage 11

13 Initiatives to Reduce Citizens Exposure Status Update Personal Lines - Initiatives to be filed with 2013 Rate filing in 3 rd Quarter 2012 Restrict Ordinance & Law to Apply Only to Coverage A (Structural Coverage) Evaluate Automatic Expiration of Wind Mitigation Credits After 5 Years from Inspection Personal Lines Initiatives to be filed in 2013 Eliminate Liability Coverage for Incidental Exposures Related to Auto, Watercraft, Animal, Home Business and Off Premises Liability Eliminate coverage for losses caused by dropped objects Revise Contract to Reduce Exposure to Water Losses Expand vacancy penalty to Further Restrict Coverage and Address Additional Occupancies Commercial Lines - Initiatives to be filed with 2013 Rate filing in 3 rd Quarter 2012 Implement a Commercial Residential coverage limit Reduce Debris Removal Coverage from $10,000 to $5,000 Remove Class B and C Opening Protection Credits Implement separate hurricane deductible for business personal property Eliminate Coverage Extension for Increased Cost of Construction (Ordinance & Law) Implement Exclusion for Losses Where Damage is Only to Exterior Paint damage Increase minimum All Other Perils Deductible - Implement a Sublimit for Mold Implement a Mandatory 10% Sinkhole Deductible 12

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