SHARE:
Citizens Insurance Tops 661,000 Policies
Continuing to add thousands of customers a week, the state-backed Citizens Property Insurance Corp. had more than 661,000 policies at the end of July, according to newly posted data on the insurer’s website.
Citizens had 661,150 policies as of July 31, up from 638,263 on June 30. It has seen a large influx of policies since early 2020 as private insurers have dropped customers and sought double-digit rate increases.
As illustrations of the growth, Citizens had 442,203 policies at the end of 2019 and 486,773 policies on July 31, 2020, according to the website.
Citizens President and CEO Barry Gilway said last month that the insurer was forecasting a policy count of 766,000 by the end of the year.
Many state leaders have long sought to reduce the number of Citizens customers and push policies into the private market, at least in part because of financial risks if major hurricanes hit Florida.
