Citizens Property Insurance Corporation

Transcription

1 Citizens Property Insurance Corporation Barry Gilway, President/CEO and Executive Director October 8, 2013

2 Commercial Non-Residential Business Overview

3 Commercial Non-Residential Citizens writes both commercial non-residential wind-only (CNRW) and commercial non-residential multi-peril (CNRM) policies on businesses in Florida Citizens inherited the CNRW line of business from the FWUA CNRW policies are written as a first layer of coverage up to $1 million per building in the Coastal account Citizens was authorized to write CNRM policies with the passage of HB 1A in 2007 CNRM policies are written for eligible structures with a total insured value of no more than $2.5 million per building in either the Coastal or Commercial Lines Account 1

4 Commercial Non-Residential Historical Building Count and Exposure Data as 6/30/13 2

5 Commercial Non-Residential Building Age and Coverage Range 3

6 Commercial Non-Residential MULTI-PERIL

7 Commercial Non-Residential Multi-Peril Most Popular Types of Business Building Use Risk Count Percent of Total Risk Count Exposure Amount Inforce Premium Health Care Facilities and Services; Non-Governmental Offices % $667,882,100 $2,581,333 Churches and Synagogues % $291,230,200 $1,013,621 Department or Discount Store, Home Improvement Store 182 7% $148,808,000 $561,826 Warehouses - Public personal property storage 65 2% $36,639,900 $76,621 Appliance Distributor or Store 62 2% $69,051,000 $252,042 Beverage and Food Distributors or Store, Convenience Store 61 2% $38,779,698 $186,470 Light Hazard Service Occupancies(Laboratories - X-Ray, Dental, Medical, Misc. Studios) 57 2% $30,472,600 $121,505 Schools, Day Care Centers 51 2% $25,441,000 $82,962 Motels and Hotels without Restaurant 45 2% $85,697,500 $244,130 Nursing and Convalescent Homes 40 2% $33,358,100 $120,402 TOTAL 1,859 71% 1,427,360,598 $5,240,922 4

8 Commercial Lines Account Commercial Non- Residential Multi-Peril Rate Adequacy 5

9 Coastal Account Commercial Non-Residential Multi-Peril Rate Adequacy 6

10 Commercial Non-Residential Multi-Peril Counts, Premium and Insured Value 7

11 Commercial Non-Residential WIND-ONLY

12 Commercial Non-Residential Wind-Only Most Popular Types of Business Building Use Risk Count Percent of Risk Count Exposure Amount Inforce Premium Office 8,404 29% $3,087,033,312 $15,686,426 Other (Warehouse, Retail Store, Shops including Body and Barber, Museum, Dental Lab, etc.) 6,064 21% $2,563,401,312 $12,956,727 Mercantile 5,340 19% $2,463,666,048 $12,343,063 Motel/Hotel 3,158 11% $1,479,176,562 $10,109,966 Restaurant 1,960 7% $873,844,984 $5,038,009 Churches and Synagogues 1,142 4% $800,167,576 $4,312,963 Non-Government Offices and Banks 1,087 4% $787,158,400 $3,183,941 TOTAL 27,155 95% $12,054,448,194 $63,631,101 8

13 Commercial Non-Residential Wind-Only Rate Adequacy 9

14 Commercial Non-Residential Wind-Only Counts, Premium and Insured Value 10

15 Commercial Non-Residential Wind-Only Rate Adequacy 11

16 Commercial Residential Business Overview

17 Commercial Residential Citizens writes both commercial residential wind-only (CRW) and commercial residential multi-peril (CRM) policies in the Coastal and Commercial Lines Accounts Commercial Residential Policies are written on the following: Condominium Associations Homeowners Associations Apartment Buildings Currently, there are no commercial residential eligibility restrictions based upon insured value for this line of business 12

18 Commercial Residential Market Share

19 Commercial Residential Market Share OIR QUASR Data as of 3/31/13 13

20 Commercial Residential Market Share OIR QUASR Data as of 3/31/13 14

21 Commercial Residential Historical Market Share Data as of 3/31/13 15

22 Commercial Residential Building Age and Number of Stories 16

23 Commercial Residential Building Counts by Coverage Ranges 17

24 Commercial Residential Total Exposure by Coverage Ranges 18

25 Commercial Residential MULTI-PERIL

26 Commercial Residential Multi-Peril Counts, Premium and Insured Value 19

27 Commercial Lines Account (CLA) Commercial Residential Multi-Peril Rate Adequacy * Excludes A-Rated Policies 20

28 Coastal Account Commercial Residential Multi- Peril Rate Adequacy * Excludes A-Rated Policies 21

29 Commercial Residential WIND-ONLY

30 Commercial Residential Wind-Only Counts, Premium and Insured Value 22

31 Coastal Account Commercial Residential Wind- Only Rate Adequacy * Excludes A-Rated Policies 23

32 Coastal Account Commercial Residential Wind- Only Rate Adequacy * Excludes A-Rated Policies 24

33 Personal Lines Occupancy Types

34 Personal Lines Policies Occupancy Types Notes: (1) Excludes risks tagged for takeout and DP1 rate need (2) "Other" category includes Farms, Ranches, and properties under construction (3) Seasonal category includes seasonal 3-6 months, seasonal > 6 months, and seasonal rental 25

35 Personal Lines Policies Mailing Address Issues with using policyholder s mailing address to determine if customer is a FL resident Mailing address is not indicative of FL residency Post office boxes distort results and are difficult to exclude Premium can be paid by someone else other than the insured 26