State-backed Citizens Insurance tops 1.2 million policies ahead of Florida hurricane season

The state’s Citizens Property Insurance Corp. topped 1.211 million policies last week, as it continued to add thousands of customers.

Citizens had 1,211,914 policies as of Friday, up from 1,207,292 policies a week earlier and 1,202,696 policies two weeks earlier, according to information 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. State leaders have long sought to limit the number of policies in Citizens, at least in part because of financial risks if Florida is hit by a major hurricane or multiple hurricanes.

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 during a meeting last month that new estimates show Citizens could have fewer than 1 million policies by the end of the year.

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