The state-backed Citizens Property Insurance Corp. ended last week with 1.047 million policies, an increase of about 17,000 policies from the previous week, according to information posted on its website Tuesday.
The new total shows continued dramatic growth as private insurers drop customers amid financial losses. Citizens also has taken on tens of thousands of customers as five property insurers have been deemed insolvent and gone into receivership since February.
Citizens had reported 1.03 million policies as of Sept. 2. Citizens has seen its policy count double during the past two years.
In the news: Tampa Man Among Two Arrested For Cuban Human Smuggling Attempt In Florida Keys
As of Sept. 30, 2020, for example, it had 511,055 policies. On Sept. 30, 2021, it had 708,919 policies, according to data posted on its website.
The state created Citizens as an insurer of last resort, but leaders have long sought to shift policies into the private market, in part because of financial risks from a major hurricane or multiple hurricanes.
Visit Tampafp.com for Politics, Sports, and National Headlines. Support journalism by clicking here to our GiveSendGo or sign up for our free newsletter by clicking here.
Android Users, Click Here To Download The Free Press App And Never Miss A Story. Follow Us On Facebook Here Or Twitter Here.
Copyright 2022 The Free Press, LLC, tampafp.com. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.