Citizens Property Insurance, Florida's insurer of last resort, has dropped tens of thousands of policies in the past week as it continues its depopulation efforts to stabilize the Sunshine State's shaky sector.During the week ending December 20, the not-for-profit company dropped its policy count from 982,892 to 935,948, getting closer to its goal of reaching a total of 900,000 policies by the end of the year, according to new data published on Citizens' website.
'The successful depopulation of Citizens in 2024 is a strong signal of the vast improvement we have seen in Florida's property insurance market,' Mark Friedlander, director of the Insurance Information Institute , told Newsweek.'Private insurers have been able to assume hundreds of thousands of Citizens policies this year because they have improved their financial position and have the capacity to take on more risk.