Citizens launched the clearinghouse at the end of January, making it the latest tool for the insurer to reduce its 940,000-plus policyholders.
Until recently, four insurers were participating in the clearinghouse program including Ark Royal Insurance Co., Cabrillo Coastal General Insurance Co., Florida Peninsula Insurance Co., and United Property & Casualty Insurance Co.
As of March 30, six other insurers had joined the clearinghouse: American Traditions Insurance Co., Modern USA Insurance Co., Federated National Insurance Co., First Community Insurance Co., Heritage Insurance Co., and the Tower Hill Insurance Group.
So far, the clearinghouse has led to 1,173 Citizens applications being deemed ineligible for Citizens’ coverage, representing $302 million in exposure. Of those, 658 applications have been confirmed as finding coverage with one of the participating insurers.
That number, however, is just a fraction of the number of applicants being submitted by agents. As of March 3, the latest data available, agents have submitted 26,714 requests for coverage, of which fewer than 20 percent received an offer of coverage from one of the four participating insurers.
Professional Insurance Agents of Florida CEO Corey Matthews said that it is far too soon to measure the success of the clearinghouse. However, he said, so far insurers are not appointing as many agents as hoped for.
Even so, said Matthews, agents remain optimistic that eventually it will open new markets to them.
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