Private insurers are projected to take about 76,000 policies this month from the state’s Citizens Property Insurance Corp. amid long-running efforts to shift customers into the private market.
Citizens President and CEO Tim Cerio gave the projection Thursday while speaking to the House Insurance & Banking Subcommittee.
He also said Citizens is projecting that 338,000 policies will move to private carriers this year, up from about 275,000 in 2023.
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The shifts are part of what is known as a “depopulation” program, after Citizens during the past three years grew to become the largest property insurer in the state because of problems in the private market.
Citizens had 1.236 million policies as of Friday, after reaching as many as 1.412 million policies in fall 2023. Citizens’ policy count was as low as 419,806 in 2019, according to data on its website.
Under the depopulation program, private insurers seek approval from regulators to assume Citizens policies each month.
Seven companies received approval to take as many as 200,000 policies in January, but the actual number assumed each month is below the maximum allowed.
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