(Lake Mary, FL) - Citizens Property Insurance board of governors learning today that the state's insurer of last resort continues to shrink.
According to the CFO, each year Citizens continues to depopulate by nearly a half million policy holders shifting over to an increasing number of property insurers in the state. Citizens CFO Jennifer Montero says depopulation is on par with last year's numbers and more insurance companies are returning to the state especially in South Florida.
"Our market share in Miami-Dade going down. It used to be most of our business was written in Miami-Dade and we're not seeing that because other companies are voluntarily writing there because the litigation, tort reforms and the rates coming down." said Montero.
Citizens Chief Administrative Officer Jeremy Pope telling the board the latest depopulation has shifted $90 billion in exposure to other insurers.
"And consumers are receiving multiple offers with 90% less than Citizens rates or within the 20-percent."
The board agreed that their priority was depopulation to reduce taxpayer exposure. Now with increased competition, they are focused on reducing rates, possibly in November.