TALLAHASSEE, Fla. – Pointing to “almost incomprehensible growth,” the president and CEO of Citizens Property Insurance Corp. said Wednesday the state-backed insurer could have 1.2 million customers by the end of the year.

Citizens, which was created as an insurer of last resort, has received a flood of policies during the past two years as private insurers have shed customers and sought hefty rate increases because of financial troubles. Four insurers have been declared insolvent since February, but Citizens President and CEO Barry Gilway said a bigger issue is that many other companies are not writing coverage.

“The market is probably 75% shut down,” Gilway said during a meeting Wednesday of the Citizens Board of Governors. “(There are) very, very few companies that are really open in the marketplace.”

Citizens had 937,835 policies as of Friday, up from 883,333 at the end of May. As longer-term illustrations of the growth, Citizens had 638,263 policies on June 30, 2021, and 474,630 policies on June 30, 2020, according to data on its website.

In one recent week, Gilway said Citizens saw a net increase of 26,700 policies. He said a “reasonable” forecast is that Citizens could grow to 1.55 million policies in 2023.

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