State-run insurer Citizens expects offers from private insurers amounting to half its 1.2 million customers by December, putting it on course to shrink to its smallest size in at least seven years, the company’s top executive said Friday.
President Barry Gilway called the volume of offers “staggering.”
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The state-run insurer expects to have less than 900,000 customers after a record number of offers from private insurers to take its customers by year’s end. That would mark its smallest size since early 2006.
Date Citizens customers
Today 1.2 million
Sept. 2012 1.5 million
2011 1.5 million
2010 1.2 million
2o09 1.1 million
2008 1.2 million
2007 1.4 million
2006 1.3 million
Source: September reports for each year from Citizens Property Insurance Corp.