Insurance Policy (Source: TFP File Photo) The state’s Citizens Property Insurance Corp. added nearly 6,000 policies last week, though it could be
The state’s Citizens Property Insurance Corp. added nearly 6,000 policies last week, though it could be poised to see a batch of policies move to private insurers.
Citizens had 1,338,557 policies as of Friday, up from 1,332,617 a week earlier, according to newly posted data on its website.
Citizens, which was created as an insurer of last resort, has seen massive growth during the past three years because of financial problems in the private market.
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But the state is trying to move policies from Citizens to private insurers through what is known as a “depopulation” program.
Citizens reached 1.412 million policies last month, but the total dropped to 1.325 million because of one round of depopulation before starting to increase again.
Seven private insurers have been approved to assume as many as 202,000 policies from Citizens next week, though the actual number of policies moving into the private market likely will be lower.
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