Citizens Property Insurance Corporation Continues to Grow
Citizens Property Insurance Corporation has continued to grow at a troubling rate in recent weeks. Its policy count topped 660,000 policies at the end of July. This represents an increase of about 23,000 policies compared to its June total, meaning Citizens continues to add policies at a rate of more than 5,000 per week.
Citizens has added more than 200,000 policies since the end of 2019, when it had about 440,000 risks. By mid-2020, Citizens still had reached only 486,000 policies. However, weather events and mounting losses due to adverse behavioral conditions in the Florida market have reduced the number of insurers able or willing to deploy capital toward residential writings.
Citizens’ chief executive officer Barry Gilway has projected its policy count might reach 766,000 by the end of this year.