Continuing to try to shrink the state’s Citizens Property Insurance Corp., regulators Tuesday approved a proposal by Florida Peninsula Insurance Co. to assume up to 40,000 Citizens policies in October.An order posted on the state Office of Insurance Regulation website said Florida Peninsula would assume policies as of Oct. 21.The approval is part of what is known as a “depopulation” program that tries to shift policies from Citizens into the private market.Citizens was created as an insurer of last resort, but in recent years, it has become Florida’s largest property insurer amid problems in the private market.State leaders have long sought to hold down the number of policies in Citizens, at least in part because of the risks if a major hurricane or multiple hurricanes hit Florida.Citizens had 779,995 policies on Friday, up slightly from 779,008 policies a week earlier, according to data on its website.It had 820,882 policies last month before a depopulation round moved policies to private carriers.Citizens officials have said they expect a lull in policies being assumed until fall because of the hurricane season.Previous coverage of Citizens Insurance:Florida’s Citizens Property Insurance sees policy drop as private insurers step inFlorida’s Citizens Insurance shedding thousands of policies Florida’s Citizens property insurance count inches up Need home insurance? Here are Florida’s 4 top-ranked companies DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment and more.
Continuing to try to shrink the state’s Citizens Property Insurance Corp., regulators Tuesday approved a proposal by Florida Peninsula Insurance Co. to assume up to 40,000 Citizens policies in October.
An order posted on the state Office of Insurance Regulation website said Florida Peninsula would assume policies as of Oct. 21.
The approval is part of what is known as a “depopulation” program that tries to shift policies from Citizens into the private market.
Citizens was created as an insurer of last resort, but in recent years, it has become Florida’s largest property insurer amid problems in the private market.
State leaders have long sought to hold down the number of policies in Citizens, at least in part because of the risks if a major hurricane or multiple hurricanes hit Florida.
Citizens had 779,995 policies on Friday, up slightly from 779,008 policies a week earlier, according to data on its website.
It had 820,882 policies last month before a depopulation round moved policies to private carriers.
Citizens officials have said they expect a lull in policies being assumed until fall because of the hurricane season.
Previous coverage of Citizens Insurance:
DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment and more.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.