Citizens Policy Count Stable
Citizens Property Insurance Corp. ended last week with about 769,000 policies, showing little change as private insurers continue assuming policies.
TALLAHASSEE, Fla. -- The state’s Citizens Property Insurance Corp. ended last week with 769,017 policies, as the total remained little changed.
The policy count Friday compared to 769,294 policies a week earlier and 768,926 policies two weeks earlier, according to data posted on the Citizens website. Citizens was created as an insurer of last resort but grew in recent years to become the state’s largest insurer amid problems in the private market.
State leaders have long sought to hold down the number of policies in Citizens, at least in part because of financial risks if the state gets hit by a major hurricane or multiple hurricanes.
While it remains the largest insurer, Citizens has used what is known as a “depopulation” program to whittle its policy count. That program involves private insurers receiving approval from state regulators to assume policies from Citizens.
Regulators have approved a series of requests by private insurers to assume Citizens policies late this year as the hurricane season winds down and after it ends. The six-month season will end Nov. 30.
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