Florida Citizens depopulation and insurer affiliate profits
Florida's state-run insurer of last resort fell from about 1.4 million policies in 2023 to 293,772 in May 2026 as private insurers took policies over. A state regulator's internal analysis of 2017-19 showed insurers losing money while their affiliates earned more.
Peak September 2023 (about 1.4 million) to 31 May 2026.
Status As of 31 May 2026: Citizens held 293,772 policies; no legal proceeding is on record.
- Affiliates of Florida insurers — $1.8 billion in net income and about $680 million in dividends, 2017-19. WLRN
- Insurers taking over Citizens policies — Policies moved from Citizens; private offers up to 20% above the Citizens premium count as acceptable. Florida Trend
- Insurers (as reporting entities) — Recorded a combined loss of $432 million, 2017-19. WLRN
- Policyholders — Moved to private offers up to 20% above the Citizens premium; exposed to statewide assessments if Citizens falls short. Florida Trend
What happened
Citizens Property Insurance is Florida's state-run insurer of last resort. It peaked at about 1.4 million policies in September 2023. It then fell to 396,387 by December 2025, as private insurers took policies over, according to WUSF, and to 293,772 on 31 May 2026, according to Citizens' own policy count.
In July 2023 Farmers stopped writing Farmers-branded home, auto and umbrella policies in Florida, affecting about 100,000 customers. Its statement was: "This business decision was necessary to effectively manage risk exposure." It did not name hurricanes.
Florida Trend reported in November 2025 that the law treats a private offer of up to 20% above the Citizens premium as acceptable for policyholders being moved off Citizens. If Citizens' funds fall short, assessments can be levied on all policyholders in the state.
In February 2025 WLRN reported on an internal analysis by the Florida Office of Insurance Regulation covering 2017-19. It showed insurers recording a loss of $432 million while affiliated companies recorded $1.8 billion in net income, with about $680 million paid in dividends. The analysis was not shown to the legislature and became public through the press.
In 2026 Citizens' reinsurance tower cost about 20% less, and an average rate decrease of 8.7% was approved against an average requested change of -4.8%, according to Insurance Business.
- 2017Start of the period covered by the regulator's internal analysis (2017-19)
- 2023Farmers stops writing its branded policies in Florida (11 Jul); Citizens peaks at about 1.4 million policies (Sep)
- 2025WLRN reports the regulator's analysis (26 Feb); Citizens falls to 396,387 policies by December
- 2026Citizens at 293,772 policies on 31 May; reinsurance cost about 20% lower and rate decreases approved
What was said
“This business decision was necessary to effectively manage risk exposure.”
Where accounts differ
Each party's account, side by side, with its source. The record does not settle these points; it shows them.
Framing in the sources reviewed: insurers were losing money and rate increases were needed.
Insurers recorded a loss of $432 million while affiliates recorded $1.8 billion in net income, with about $680 million in dividends.
WLRNFraming in the sources reviewed: the decline shows a healthy private market.
Private offers up to 20% above the Citizens premium are acceptable under the law.
Florida TrendHow it looked
Shown
- Florida insurers were losing money and rate increases were needed (framing in the sources reviewed)Florida insurers
- The shrinking of Citizens as a sign of a healthy private market (framing in the sources reviewed)State regulator and the insurers taking over policies
Recorded
- Citizens policies fell from about 1.4 million (September 2023) to 293,772 (31 May 2026).
- The regulator's 2017-19 analysis showed insurers at -$432 million and affiliates at $1.8 billion in net income, with about $680 million in dividends; it was not shown to the legislature.
- Private offers up to 20% above the Citizens premium count as acceptable; assessments on all state policyholders are possible if Citizens falls short.
Who gained
Reached nature or the ground
Gained elsewhere
Responses on record
- farmers (11 July 2023): "This business decision was necessary to effectively manage risk exposure." · Tampa Bay Times
In court and with insurers
Lawsuits and rulings
Insurers
- 2023Cover declinedFarmers → About 100,000 Florida customersStated reason: "This business decision was necessary to effectively manage risk exposure."
Farmers stopped writing Farmers-branded home, auto and umbrella policies in Florida on 11 July 2023. Tampa Bay Times
What nature saw
Nature's report opens this page. Below: further outcomes measured on the ground.
What we don't know
Nature
- Not measured Harm to nature: No independent ecological evaluation is on record.
Court
- None on record No court case on record.
Accounts
Record
- None on record The regulator's analysis was not shown to the legislature.
- None on record Which affiliates received the funds is not identified in the sources reviewed.
Did the harm stop?
Not applicable; the sources reviewed describe a market restructuring, not a harm that stopped.
Who paid?
Policyholders moved to private offers up to 20% above the Citizens premium; all policyholders in the state if Citizens' assessments are triggered.
Sources
Government and regulators
- 20260531 Policies in Force - PublicCitizens Property Insurance · 2026-05-31
Press and investigations
- Citizens policies now lowest level since 2019Florida Trend · 2025-11-26
- Citizens Property Insurance now has fewer than 400,000 policiesWUSF · 2025-12-27
- Farmers Insurance leaving Florida (statement quoted by Tampa Bay Times)Tampa Bay Times · 2023-07-11
- Florida approves more home insurance rate cuts as double-digit requests pile upInsurance Business · 2026
Connected cases
- California FAIR Plan policies rise 152% as Florida Citizens shrinks United States · 2022–2026
- Citizens Property Insurance (Florida) (Public authority) — here: State-run insurer of last resort; there: Florida state-run insurer; policy count fell
- Farmers Insurance (Insurer) — here: Insurer that stopped branded Florida policies; there: Stopped writing Florida home, auto and umbrella policies
- California homeowners' insurance retreat United States · 2022–2026
- Citizens Property Insurance (Florida) (Public authority) — here: State-run insurer of last resort; there: Florida state-run insurer
- Farmers Insurance (Insurer) — here: Insurer that stopped branded Florida policies; there: Left Florida home, auto and umbrella market (2023)
- Farmers Insurance ends about 100,000 Florida home, auto and umbrella policies United States · 2023–2026
- Citizens Property Insurance (Florida) (Public authority) — here: State-run insurer of last resort; there: state-run insurer whose policy count fell
- Farmers Insurance (Insurer) — here: Insurer that stopped branded Florida policies; there: insurer that stopped the policies