The number of Citizens Property Insurance Corp. policies increased slightly last week, reaching 1,332,617, according to data posted on the insurer’s website.
That total, as of Friday, was up from about 1.331 million a week earlier and 1.325 million two weeks earlier.
Citizens, which was created as an insurer of last resort, has faced explosive growth during the past three years as private insurers have dropped customers and raised rates because of financial problems.
After reaching 1.412 million policies last month, the total dropped to 1.325 million amid what is known as a “depopulation” program aimed at shifting customers into the private market.
As illustrations of Citizens’ growth, it had 521,289 policies on Oct. 31, 2020; 725,942 policies on Oct. 31, 2021; and 1,111,283 policies on Oct. 31, 2022.
©2023 The News Service of Florida
One Response to “Despite “depopulation,” the Citizens Property Insurance policy count continues to rise”
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The depopulation program is a joke. Most policyholder will decline any offer received. Even those that are not allowed to opt out because of the 20% rule, will end up re-applying with Citizens come renewal time. This system is broken and it’s a complete waste of time for all involved. Subsidizing quality admitted carriers for a set number of years would have been the correct solution until insurers would have had a chance to bounce back to profitability with the passing of the new legislation that went into effect this year.