Surge in Citizen's policies continues, topping 1.35 million

The state-backed Citizens Property Insurance Corp. added nearly 8,400 policies last week, as its total climbed above 1.35 million.

Citizens had 1,353,786 policies as of Friday, up from 1,345,403 policies a week earlier and 1,335,817 policies two weeks earlier, according to data posted on its website.

Citizens, which was created as an insurer of last resort, has seen massive growth over the past three years as private insurers have shed policies and raised rates because of financial problems.

As an illustration of the growth, Citizens had 486,773 policies on July 31, 2020; 661,150 policies on July 31, 2021; and 994,456 policies on July 31, 2022. Citizens President and CEO Tim Cerio has said the policy count could reach 1.7 million by the end of the year.

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