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Citizens' president and CEO said that Citizens is now forecasting it will have about 1.3 million policies at the end of 2023, after earlier estimates of 1.5 million to 1.7 million policies.

Citizens is expected to hit 1.7M policies with $654B in total insured value by the end of this year.

The state's insurer of last resort is a measuring stick for the health of the private insurance market.

As Florida's property-insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.