Citizens Property Insurance Corp. shed about 180,000 policies in Southeast Florida last year, according to data released last month.
Why it matters: It is no longer the state’s largest insurer, with a market share of less than 10%, according to the Florida Office of Insurance Regulation.
- Experts had warned, when Citizens peaked at 1.4 million policies in 2023, that a major hurricane could wipe out its claims-paying funds and trigger a “hurricane tax” on all insured homes, cars and boats.
By the numbers: Miami-Dade, Broward, Palm Beach and Monroe counties had a total of about 144,000 policies with Citizens as of Dec. 31, the latest available data. That’s down 56% from a year ago.
- Palm Beach led the drop with a 65% decline, followed by Broward (56%), Miami-Dade (52%) and Monroe (33%).
Driving the news: The shrinking policy count coincided with Citizens lowering its average rates for personal lines policyholders for the first time since 2015.
- For most policyholders statewide, that means an 8.7% average premium decrease.
What they’re saying: “Citizens is back in a position where it is truly a last resort insurer,” says Mark Friedlander of the Insurance Information Institute. “Private insurers are now taking on most of the risk in Florida.”…