Florida-Backed Citizens Property Insurance Continues Growth Despite Depopulation Efforts

Insurance Policy (Source: TFP File Photo)

Despite recent efforts to reduce its policy count, Citizens Property Insurance Corp., Florida’s insurer of last resort, is nearing 1.2 million policies.

The company added almost 4,800 policies last week, bringing its total to 1,198,265 as of Friday.

This growth comes despite the implementation of a “depopulation” program, where private insurers take over batches of Citizens policies with approval from state regulators.

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The program had briefly reduced Citizens’ policy count below 1.2 million in May, but the start of hurricane season on June 1 has put a pause on further takeouts.

Citizens has seen a significant surge in policyholders in recent years as private insurers have dropped policies and increased rates due to financial difficulties. The company peaked at 1.412 million policies in fall 2023.

State leaders have expressed concerns about Citizens’ growing size, particularly due to the potential financial risks if Florida experiences a major hurricane.

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While efforts to reduce its policy count continue, the recent growth highlights the ongoing challenges in the Florida insurance market.

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