TALLAHASSEE – Amid continuing efforts to move clients into the non-public current market, the variety of insurance policies in the state’s Citizens Property Insurance policies Corp. lowered previous week.
Citizens had about 1.162 million guidelines Friday, down from 1.18 million guidelines a week earlier and 1.175 million guidelines two months before, according to info posted on the Citizens website.
Six private carriers – Slide Insurance coverage Co., Florida Peninsula Insurance coverage Co., Edison Insurance plan Co., Southern Oak Coverage Co., American Traditions Insurance policies Co., and People’s Have confidence in Insurance Co. – gained acceptance from regulators to eliminate policies final 7 days from Citizens. That was part of what is recognised as a Citizens “depopulation” program.
Citizens, which was made as an insurance provider of past resort, has grow to be the state’s premier property insurance company in recent years as non-public insurers dropped consumers and elevated fees simply because of economical troubles. Citizens reached as lots of as 1.412 million policies in slide 2023 just before observing reductions simply because of the depopulation plan.
State leaders have lengthy sought to shift guidelines from Citizens into the non-public industry, at least in element mainly because of fears about fiscal dangers if the condition gets hit by a important hurricane or numerous hurricanes.
