TALLAHASSEE — The state’s Citizens Property Insurance Corp. last week shed about 100,000 policies, with its number of customers dropping to the lowest total in nearly three years.
Citizens, which was created as an insurer of last resort but ballooned in recent years to become the state’s largest insurer, had 844,688 policies as of Friday, according to newly posted data on its website. That was down from 945,005 policies a week earlier and 942,810 policies two weeks earlier.
The drop coincided with eight private insurers last week being able to assume Citizens policies under what is known as a “depopulation” program. Under that program, private insurers seek approval to take certain numbers of Citizens policies.
A report scheduled to go before the Citizens Market Accountability Advisory Committee on Wednesday said regulators approved allowing insurers to assume a maximum of 342,918 Citizens policies last week — though the actual numbers of policies that leave Citizens are typically far below the maximums allowed.
The last time Citizens’ policy count was below 850,000 was in spring 2022. It had 817,926 policies on March 31, 2022, before jumping to 851,006 on April 30, 2022.
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