Speaking to the Citizens Board of Governors Wednesday in Maitland, Fla., Citizens President/CEO and Executive Director Barry Gilway said successful depopulation efforts, affordable reinsurance and a vibrant private market have combined to reduce Citizens policy count to 598,408, as of March 13.

Created by the Florida Legislature in 2002, Citizens handled about 602,000 policies in January 2003. Following an unprecedented string of storms in 2004-2005, that policy count peaked in November 2012 at nearly 1.5 million policies, about 26 percent of the Florida residential market.

Barring a major storm, Gilway told board members that Citizens could see its footprint shrink to as low as 450,000 policies as financially sound private companies assume policies that, even a year ago, were expected to remain with Citizens for years to come.

“The reality is that significant improvements in profitability and the increasing financial strength of private companies has been a major factor in our ability to return to our role as the state’s insurer of last resort,” Gilway said, following his presentation to the board.

 

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http://www.insurancejournal.com/news/southeast/2015/03/19/361169.htm

 

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