On Wednesday, during the Citizens Property Insurance Corporation Board of Governors Meeting, company President, and CEO Barry Gilway said Citizens could reach 1.2 million policies by the end of the year.
In what was called “almost incomprehensible growth,” Gilway said that the company has grown from “a low of 414,000 customers,” to 937,000 policies as of Friday, July 8, pointing out that the agency, created as an insurer of last resort, “is three times the size it was 28 months ago.”
Gilway said that with companies being declared insolvent – four since February – many other companies are simply not writing coverage.
This month, Citizens experienced an increase of 26,700 policies in just one week, according to Gilway.
Wednesday, during the FMAP Board of Governors Meeting, the board approved a proposal that would direct some legal disputes to the state Division of Administrative Hearings instead of to the court system. The proposal is aimed at reducing litigation costs.
The proposal must be approved by the Florida Office of Insurance Regulation.
To watch the entire meeting, click here.