Insurance Policy (Source: TFP File Photo) With the addition of nearly 9,000 policies last week, the state-backed Citizens Property Insurance Corp.
With the addition of nearly 9,000 policies last week, the state-backed Citizens Property Insurance Corp. has topped 1.33 million policies.
According to data on its website, Citizens had 1,331,650 policies as of Friday, up from 1,322,696 policies a week earlier and 1,317,175 policies two weeks earlier.
Citizens President and CEO Tim Cerio said last week the state’s insurer of last resort could reach 1.7 million policies by the end of the year.
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Citizens has seen explosive growth over the past three years as private insurers have shed policies and raised rates because of financial problems.
As an illustration of the growth, Citizens had 474,630 policies on June 30, 2020; 638,263 policies on June 30, 2021; and 931,357 policies on June 30, 2022.
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