The state-backed Citizens Property Insurance Corp. has topped 1.36 million policies, as it continues to add thousands of customers a week.
Citizens had 1,363,606 policies as of Aug. 11, up from 1,353,786 policies a week earlier and 1,345,403 policies two weeks earlier, according to newly posted information on its website.
Citizens President and CEO Tim Cerio has said the policy count could reach 1.7 million by the end of the year. Citizens, which was created as an insurer of last resort, has seen massive growth over the past three years as private insurers have shed policies and raised rates because of financial problems.
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As an illustration of the growth, Citizens had 486,773 policies on July 31, 2020; 661,150 policies on July 31, 2021; and 994,456 policies on July 31, 2022.
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