The news: Florida regulators approved three insurers—Mangrove Property Insurance Co., Patriot Select Property and Casualty Insurance Co., and Slide Insurance Co.—to assume up to 135,540 policies from the state-backed Citizens Property Insurance Corp. in June as part of the state’s depopulation initiative, per Insurance Business.
How we got here: At the end of 2024, Citizens had 1.3 million active policies as of September 2024—three times as many compared with five years ago. This was the largest share of the market—double that of any private insurer in the state.
That’s because the increased frequency and severity of climate-related disasters have made home insurance unaffordable for many Florida homeowners.