16 hrs ago
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The state’s Citizens Property Insurance Corp. continued to add policies last week and topped a total of 1.215 million.
Citizens had 1,215,064 policies on Friday, up from 1,211,914 policies a week earlier and 1,207,292 policies two weeks earlier, according to data posted on its website.
Citizens, which was created as an insurer of last resort, has become the state’s largest carrier in recent years as private companies dropped policies and raised rates because of financial problems.
Citizens reached as many as 1.412 million policies in fall 2023 before seeing reductions because of what is known as a “depopulation” program designed to shift policies into the private market.
With hurricane season starting June 1, Citizens officials have said they do not expect private carriers to take out policies over the next few months.
But Citizens President and CEO Tim Cerio said recently that estimates showed Citizens could have fewer than 1 million policies by the end of the year.
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.