Florida’s Citizens Property Insurance Predicts Nearly 2M Policies In 2023

Florida’s insurer of last resort, Citizens Property Insurance Corps., predicts to hit a record with nearly 2 million policyholders by the end of 2023, citing ‘continued instability’ in the state’s insurance market.

According to the Citizens’ 2023 Operating Budget Report, the insurer ended 2022 at just above 1,153,000 policies and they predict to reach the highest number of premiums in their 20-year history by the end of 2023 with nearly 1.7 million.

The insurer averaged about 400,000 policyholders prior to 2020, when the state’s property insurance market started to crumble under the weight of runaway litigation with several private insurers either going insolvent or pulling out of the state.

‘By comparison, in 2019, Citizens wrote $877 million in premium and insured roughly 447,000 policyholders -- reflecting projected 5-year growth rates in premium and policyholders of 486% and 276%, respectively,’ the company’s CEO Brian Gilway and Chief Financial Officer (CFO) Jennifer Montero wrote in the report.