TALLAHASSEE, Fla. — Citizens Property Insurance Corp. in Florida reported a notable increase in policies, reaching nearly 1.2 million by the end of last week. This figure marks a rise from 1,191,940 policies the previous week and 1,186,116 policies recorded two weeks earlier, as detailed in data available on the company’s website.
Citizens, initially established as an insurer of last resort, has seen substantial growth in recent years, emerging as the state’s largest carrier. This expansion is attributed to private insurers shedding policies and implementing rate hikes due to financial challenges. In the fall of 2023, Citizens peaked at approximately 1.412 million policies before experiencing reductions resulting from a “depopulation” initiative aimed at transitioning customers into the private insurance market.
