Florida's Citizens Property Insurance Corporation says its policy count has dropped below 1 million for the first time since 2006, a development that industry representatives called a step in the right direction for the state's property market.
Florida Citizens, intended to be the state's insurer of last resort, grew to become its largest writer of property insurance.
In a statement, Florida Citizens says its policy count stood at 942,321 as of Monday, "a drop of 36% from a high of nearly 1.48 million policies in October 2012," with its exposure falling to $302 billion from $515 billion in November 2011.
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