Most benefits removed, crazy!
I find it hard to believe that they will stay without even Car Rental insurance. They might be switching providers, so the current coverage is being discontinued, something else will come in its place, and will be announced. If that wasn't the case, they might as well get rid of the AF on their cards.
Citi is taking lots of gambles. They did that with Costco, offering them 0% (or very close to that) for processing Visa, buying a book of business (and another marketing arm) that they hoped would put money in their pockets. That was a huge gamble that shocked AMEX, I have no idea how that is working out for them, time will tell. But they are definitely acting out of the box.