Florida’s Largest Insurer Cuts Over a Third of Policies [Video]

Citizens Property Insurance Corporation, Florida’s largest insurer, has drastically reduced its policy count and is planning to cut over a third of its policies by the end of this year.

In a press release on December 4, the insurer said that its policy count had dipped below 1 million for the first time in more than two years, and is now at 987,650.

Since January, the insurer has offloaded more than 428,000 policies to private insurance companies under its “Depopulation Program.”

By the end of the year, its policies are expected to fall to around 900,000, which would mark a third decrease from the roughly 1.4 million policies it held at the beginning of 2024.

“These are encouraging signs as we continue our efforts to return to our role as Florida’s insurer of last resort,” Tim Cerio, Citizens’ president and CEO said in the press release.

“As Citizens shrinks, so …