Citizens Property Insurance Corp., which has swelled and shrunk in size over the last few years, is headed in the wrong direction yet again.
Despite repeated efforts to trim back the size of the carrier — including offering financial incentives to private companies — the state-created insurer is growing. By the end of the year the company had more than 1.26 million policies spread across its three main lines of business, including those with wind-only coverage in Florida's risky coastal areas. That is up from 1.02 million at the end of 2009 and substantially higher than Citizens had estimated a year ago.
It is not expected to get any better in 2011. Citizens has approved a budget for the coming year that anticipates that the insurer will swell to 1.44 million policies by the end of 2011 and have $3 billion in total written premiums.
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