Citizens Property Insurance Corp., the state-backed insurer of last resort, saw a slight increase in policies last week after a significant drop the previous week due to a depopulation program.
As of Friday, Citizens had 847,571 policies, up from 844,688 policies the week before. However, this number is still down from 945,005 policies two weeks prior.
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The recent decrease was a result of eight private insurers taking over Citizens policies under the depopulation program. This program allows private insurers to assume a certain number of Citizens policies, helping to reduce the size of the state-backed insurer.
Citizens was created as an insurer of last resort but saw its policy count balloon to 1.4 million in 2023 as private insurers struggled financially and dropped customers. Thanks to depopulation efforts and improved conditions in the private market, the number of policies has been steadily declining.
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Citizens President and CEO Tim Cerio anticipates the insurer will end 2025 with slightly fewer than 771,000 policies. Additional rounds of depopulation are scheduled for March and April, which are expected to further reduce the policy count.
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