TALLAHASSEE (CBSMiami/NSF) – As non-public insurers proceed to drop prospects and go alongside price hikes, the state-backed Citizens Property Insurance Corp. has topped 850,000 insurance policies, in keeping with newly launched numbers.
Citizens, which was created as an insurer of final resort, had 851,006 insurance policies as of Thursday.
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It has seen explosive development over the previous two years as non-public insurers have confronted monetary troubles.
By comparability, Citizens had 453,911 insurance policies on April 30, 2020, and 589,041 insurance policies on April 30, 2021, numbers posted on the Citizens web site present.
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Citizens President and CEO Barry Gilway has stated he expects to prime 1 million insurance policies by the tip of 2022. Gov. Ron DeSantis has known as a particular legislative session to begin May 23 to handle issues within the property-insurance trade.
State leaders have lengthy sought to shift insurance policies out of Citizens to the non-public market, not less than partially due to monetary dangers if a serious hurricane or a number of hurricanes hit Florida.
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