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Tim Cerio of Citizens Property Insurance Corporation said, in a presentation to the Florida House Insurance and Banking Subcommittee, yesterday, that depopulation is expected to intensify this year. He also stated the goal to reduce policycounts to around 400,000.
Florida Citizens Depopulation Program: Private market insurers offer Citizens policyholders incentives to encourage them to return to the private sector.
In 2023, there was an increase in the depopulation activities of a number high-profile companies like Slide and HCI Group.
Citizens CEO Cerio told the House Insurance and Banking Subcommittee that in 2023 around 200,000 policies will be taken out, according to Greenberg Traurig LLP.
Florida Citizens concluded 2023 with approximately 1,23 million policies in place and $553 Billion in exposure.
Cerio reported that Citizens is currently projecting that by 2024 they will have removed around 338,000 insurance policies and $185 Billion in insured value from their market through the depopulation programme.
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