Citizens’ policy count peaked at 1.41 million in October 2023, but as of June 20, 2025, the number of policies in force had fallen to 777,592. (Credit: Andrii Zastrozhnov/Adobe Stock)

Citizens Property Insurance CEO Tim Cerio had a positive message for the insurer’s Board of Governors this week: Florida’s long-struggling private property insurance market is well into its recovery. He credits improving market conditions brought on by legislative reforms for Citizens' ability to transition back to its role as Florida’s insurer of last resort.

Citizens’ policy count peaked at 1.41 million in October 2023, but as of June 20, 2025, the number of policies in force had fallen to 777,592. This marks a decrease of 44.9% from the peak, and a 36% decrease from June 2024.

Cerio said they hope to see that number decline further to under 654,000 policies by the end of 2025. Though he expects an uptick in Citizens’ active policies during hurricane season, he believes policy numbers should continue to drop in the fall.

Historically, a drop in Citizens’ policy count has indicated that market conditions are improving.

Citizens presented the following as further evidence of Florida’s insurance market’s recovery:

  • Following the 2022 legislative reforms, 12 new companies have entered the Florida market.
  • Since 2024, six of 10 national companies operating in Florida expanded their book of business, and four filed for rate decreases.
  • Since 2024, at least 27 private carriers have filed for rate decreases, while at least 41 companies requested no rate increase.
  • Florida had the lowest rate increase in the nation in 2024, with a statewide average increase of 1%.
  • Citizens’ exposure fell from $520.1 billion to $295.1 billion over the past year; a 43% reduction.
  • Since January 2024, 677,920 Citizens policies have been transferred to private market companies approved by the Office of Insurance Regulation to participate in the Citizens Depopulation Program.
  • Citizens’ litigation rate fell from 18.6% in 2018 to 10.6% in 2024. Additionally, Citizens' pending number of lawsuits fell from 20,958 in 2022 to 12,622 as of June 2025.

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