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Florida's Largest Insurer, Citizens Property Insurance, Cuts Tens of Thousands of Policies

share-iconMonday, December 30 comment-icon3 weeks ago 5 views
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newsweekNEWSWEEK
Florida's Largest Insurer, Citizens Property Insurance, Cuts Tens of Thousands of Policies

Credited from: NEWSWEEK

  • Citizens Property Insurance, Florida's primary insurer for those unable to secure coverage, has swiftly reduced its policies from 982,892 to 935,948.
  • This drop is part of its strategy to reach a goal of 900,000 policies by the year's end by offloading policies to healthier private insurers.
  • Currently, Citizens holds over 1.4 million policies, raising concerns among state legislators about the stability of the market.
  • Experts suggest that the recent legislative reforms aimed at reducing fraud have allowed private insurers to absorb a significant number of policies.
  • Future depopulation efforts are planned for early 2025 to further help stabilize Florida's troubled homeowners insurance market.

Read more in the original article here.

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Florida Insurance Citizens property insurance Depopulation Homeowners insurance Climate change
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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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