Citizens warns 1-in-100 storm would wipe out surplus if board pulls risk transfer plan

Citizens management have called on the board of governors of Florida’s state-backed insurer to publicly affirm their support for its 2022 risk transfer plans or face the decimation of its claims-paying resources in the event of a 1-in-100-year storm, which would lead to $1.9bn of surcharges and assessments, or consecutive 1-in-50s that would require twice that.