Insurer Citizens expects 65,000 customers to leave by end of 2016

Citizens.jpgFlorida’s state-run insurer expects 65,000 of its customers will switch to private competitors by the end of 2016, a major slowdown compared to the exodus of the past two years.

It’s a far cry from the 415,000 who left Citizens Property Insurance Corp. in 2014 and the 275,000 who departed last year, according to company documents posted ahead of a board meeting Wednesday.

Citizens is stabilizing at just under 500,000 customers after a major downsizing from 1.5 million customers in 2012. Most policyholders left through state-assisted transfer offers to private companies, but remaining customers have tended to be choosier and some properties are seen as less attractive to the private market.

The full Citizens board is expected to consider Wednesday revisions to its “depopulation” plan. In part, the effort is in response to legislation that requires, for instance, that policyholders be allowed to see information about offers from multiple private companies, not just one at a time.

Update: Citizens has a statement here.

Reader Comments 0

0 comments