The number of Citizens Property Insurance Corp. policies dropped by more than 48,000 last week, as the state’s insurer of last resort continues trying to move customers into the private market.
Citizens had 1,224,847 policies as of Friday, down from 1,273,352 policies a week earlier and 1,266,368 two weeks earlier, according to numbers posted on its website.
The decrease came as seven private insurers were able last week to assume policies from Citizens. That was part of what is known as a “depopulation” program to try to shift policies to private insurers.
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Citizens has become the largest property insurance in the state during the past three years as private insurers dropped customers and raised rates because of financial problems.
Citizens reached as many as 1.412 million policies this fall before seeing decreases because of the depopulation program. State leaders want to shrink Citizens, at least in part because of financial risks if major hurricanes hit the state.
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