Nearly 6,000 policies were added last week. But that number could drop as 7 insurers were approved to assume as many as 202K policies from Citizens this week.
TALLAHASSEE, Fla. – The state’s Citizens Property Insurance Corp. added nearly 6,000 policies last week and topped 1.344 million overall, according to data posted this week on its website.
Citizens had 1,344,353 policies on Friday, up from 1,338,557 policies a week earlier and 1,332,617 two weeks earlier. The overall policy count, however, could dip this week because of what is known as a “depopulation” program aimed at moving customers from Citizens into the private market.
Seven carriers have been approved to assume as many as 202,000 policies from Citizens this week, though the actual number of policies moving into the private market likely will be lower. Citizens reached 1.412 million policies last month, but the total dropped to 1.325 million because of one round of depopulation before starting to increase again.
Citizens, which was created as an insurer of last resort, has seen massive growth during the past three years because of financial problems in the private market.
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