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Another 215,000 Citizens Policies Approved For Private Market
October 2, 2014
The Florida Office of Insurance Regulation announced Wednesday that up to 215,488 customers of Citizens Property Insurance Corp. could be shifted in December to nine private carriers.
But don’t count on that many policies being moved into the private market. The number of Citizens policies approved for “takeout” can top the number of actual policies removed because private companies cherry-pick the least-risky policies and often go after many of the same customers. Policyholders targeted for takeout also have the option to remain covered by Citizens.
The process has resulted in 124,995 policies being removed this year, as of August 30.
The newly targeted accounts for December are comprised of 211,080 personal-residential policies and 4,408 commercial-residential policies. The December takeout round brings to 1,109,644 the total number of policies approved this year for private carriers to pick up, which is more than the overall number of policies covered by Citizens.
The state-backed insurer, which two years ago had 1.47 million policies, was down to 930,852 as of September 19.
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