After losing customers, the top executive of state-run Citizens Property Insurance Corp says they expect them to get them back by 2017.
A big reason is that Private competitors such as Heritage Property & Casualty Insurance Co. want to raise rates up to 25 percent in parts of South Florida.
That’s where Citizens expects to get more customers, “When we forecast 2017, we’re actually forecasting a slight increase in policy count,” Citizens CEO Barry Gilway told company officials ahead of Wednesday’s board meeting.
Citizens has dramatically reduced its customer count from1.5 million in 2012 to below 500,000 due to transfer offers from private insurers.
Meanwhile, Citizens is asking for an average 6.8 percent rate increase statewide. Its board will be asked to approve that request Wednesday.