Florida’s Citizens’ takes fresh policy wave on Weston demise, up 51% y/y

Florida’s insurer of last resort Citizens added another 45,021 policies to its roster in September, presumably super charged by the prior liquidation of Weston which ended policies state-wide early September.

The September gain added 4.4% to the total policy count and brought the 12 month gain to a staggering 51.2%. The year-to-date gain is 41% with five Florida-focused carriers having been axed by regulators in time to affect the end-September policy count.

More policies are likely on the way. Regulators have since moved to liquidate FedNat, although policies remain in force at this point.

Nearly 2/3 of the monthly increase are personal residential multi-peril, but the Weston liquidation appeared to have added notably to the wind-only policy count. Personal residential wind-only is up 11.,827 or 16% on the month. Commercial wind-only policies are up 41% on the month.

New policies gained in September bore higher exposures. Total exposure on the policy gain came to $21.2 billion, a 5.9% monthly increase, bringing the 12 month gain to nearly 80%.

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