Citizens Property Insurance Corp., the state's largest property insurance carrier, keeps growing and growing. Despite being set up initially as a so-called "insurer of last resort," Citizens is adding an average of 4,200 policies a week. It now has nearly 1.4 million policyholders, and there is no sign that the number will be going down.
The growth is being blamed on a variety of reasons, many of them tied to the fragile nature of Florida's property insurance market and rising insurance rates charged by private companies. And that has people like Jim Malone plenty worried.
Malone, the chairman of the board of governors that oversees Citizens, is so frustrated that state lawmakers have been unwilling to make major changes to the state-created company that he wants legislators to consider privatizing part of the company.
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