Citizens had 1,193,484 policies on Friday, up from 1,188,557 policies a week earlier but down from 1,201,536 policies two weeks earlier, according to data posted on the Citizens website.
The drop during the week that ended May 24 came as three private insurers were able to assume Citizens policies through what is known as a “depopulation” program. Under the depopulation program, private insurers receive approval from state regulators to take batches of Citizens policies.
State leaders have long sought to reduce the size of Citizens, at least in part, because of financial risks if Florida gets hit by a major hurricane or multiple hurricanes. But policy takeouts are not expected in the coming months as insurers stay away from additional risks during six-month hurricane season.
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