The state-backed Citizens Property Insurance Corp. added nearly 9,600 policies last week as it continues to see explosive growth.
Citizens had 1,345,403 policies as of Friday, up from 1,335,817 policies a week earlier and 1,331,650 policies two weeks earlier, according to data posted on its website. Citizens President and CEO Tim Cerio has said the policy count could reach 1.7 million by the end of the year.
Citizens, which was created as an insurer of last resort, has seen explosive 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.
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