The state-backed insurer of last resort has 1.047M policies, up about 17K policies from the week before. Since Feb., 5 private insurers have been deemed insolvent.
TALLAHASSEE, Fla. – 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.
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. 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 risk
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