Citizens Property Insurance is on track to hit 1.7 million policies by the end of the year. It’s more than triple the number of policies it managed just three years ago.
Before the announcement from Farmers that they are not renewing property insurance policies, Citizens reported that it had 1.3 million policies. Now, many of those impacted by Farmers’ decision to pull out of Florida will likely have to sign on with Citizens.
Of course, the growth raises the question if Citizens is prepared for what’s to come. From policyholders and taxpayers to politicians and insurance agents, many have voiced their concerns about the rapid growth of Citizens.
“Citizens was designed and created as the state’s insurer of last resort. So, what the market is, is healthy, our numbers go down. And when the market is facing challenges, like we’re seeing right now, our numbers go up. That’s why we were created,” said Michael Peltier with Citizens.
Citizens is expected to grow by 400,000 additional policies by the end of the year.
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