Citizens Insurance continues to shrink the number of policies on its books, but that’s all part of the plan.
The state-run insurer of last resort became the only option for thousands of Floridians in the wake of Hurricane Ian and rising homeowner’s insurance costs.
By the fall of 2023, Citizens grew to more than 1.4 million policies.
“Citizens grew to an extreme level,” said Mark Friedlander with the Insurance Information Institute.
Since then, the insurance provider has started depopulating it’s rolls.
More than 300,000 customers were moved off of Citizens and onto a private insurance company.
“What this shows is, the private market is getting stronger,” said Friedlander. “Private insurers are stepping up to take on Citizens policies because they have the capacity for more risk.”
Meanwhile, there is still an investigation in D.C. from the Senate Budget Committee over concerns that Citizens carries too much risk exposure.
Despite the depopulation, Friedlander said Citizens is still adding new customers but in much smaller numbers.
