49K more policies could be moved out of Fla’s. “insurer of last resort” by Feb. 20, though it still has twice as many policies (1.4M) as No. 2 State Farm (630K).
TALLAHASSEE, Fla. – Five property insurers have received approval to remove as many as 39,850 policies from the state’s Citizens Property Insurance Corp., with almost all of the changes expected to take place about Feb. 20.
State Insurance Commissioner Michael Yaworsky last week signed a series of orders that are part of a broader effort to shift policies from Citizens to the private market after Citizens saw its number of policies dramatically increase during the past three years as private insurers dropped customers and raised rates amid financial problems.
But the so-called “depopulation” effort for the Florida-operated “insurer of last resort” has helped curb the growth. As of Nov. 24, Citizens had 1,255,381 policies, down from as many as 1.412 million policies earlier in the fall.
The new approvals will allow:
- Security First Insurance Co. to remove as many as 20,000 policies
- Orange Insurance Exchange to remove as many as 9,000 policies
- Florida Peninsula Insurance Co. to remove as many as 7,500 policies
- Edison Insurance Co. to remove as many as 2,500 policies
- Condo Owners Reciprocal Exchange to remove as many as 850 policies
The actual numbers of policies shifting to the companies will likely be lower than the maximum amounts allowed.
Florida insurance company policy numbers on Sept. 30
- Citizens Property Insurance: 1,402,631
- State Farm Florida Insurance: 630,675
- Universal Property & Casualty Insurance: 560,254
- Tower Hill Insurance Exchange: 334,931
- American Bankers Insurance Company of Florida: 324,319
- American Integrity Insurance Company of Florida: 280,962
- Castle Key Indemnity: 258,586
- First Protective Insurance: 257,409
- ASI Preferred Insurance: 231,457
- United Services Automobile Association (USAA): 157,033
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