The state-backed Citizens Property Insurance Corp. in Florida ended June with 1,317,175 policies, up nearly 13,000 policies from the end of May, according to data posted on its website.
Citizens, which has seen massive growth during the past two years, had 1,304,332 policies on May 31. State leaders have long sought to move policies out of Citizens into the private market, in part because of financial risks if a major hurricane or multiple hurricanes would hit the state.
But Citizens, which was created as an insurer of last resort, has seen its policy count more than double since 2021 as private insurers have dropped customers and raised rates because of financial problems.
In the news: Florida-Backed Citizens Insurance Rate Hikes Eyed
Lawmakers have made a series of changes to try to shore up private insurers, and 17,239 policies shifted from Citizens to the private market in June, according to information presented last week to the Citizens Market Accountability Advisory Committee.
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