Citizens insurance policy count hits historic low

Citizens Property Insurance Corp.’s policy count has fallen to 255,099 as Florida’s state-backed insurer continues shifting customers to private carriers. Citizens had 266,231 policies at the end of August, down from 769,316 a year earlier and more than 1.4 million in September 2023. The insurer reported nearly $74.8 billion in total exposure as of Aug. 31. Citizens has attributed its shrinking footprint to continued depopulation and a strengthening private insurance market. In June, the insurer said 20 new companies had entered Florida since 2022 and its policy count represented about 2% of the state’s residential property insurance market.