TALLAHASSEE — Private insurers pulled more than 275,000 policies last year from the state’s Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying he thinks “we’re coming through to the other side” after years of troubles in the market.
Citizens, which was created as an insurer of last resort, ballooned during the past few years to become the largest insurer in the state as private carriers dropped customers and raised rates because of financial troubles.
But after the Legislature approved a series of changes to try to bolster the market, private insurers took 275,324 Citizens policies in 2023 through what is known as a “depopulation” program.
By comparison, private carriers took 16,408 policies in 2022, 2,814 policies in 2021 and 7,463 policies in 2020, according to data presented Wednesday during a meeting of the Citizens Board of Governors.
State leaders have long sought to minimize 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. read more