Nationwide Insurance, the fifth largest property insurer in Florida, said today it plans to drop more than 40,000 policyholders next year.

The company said it's dropping the policies to reduce its hurricane risk exposure in the state.

In January, the company said, it will begin dropping about 39,000 homeowner policies and 1,600 commercial policies. Of those policies being canceled, 15,400 are in Hillsborough, Pinellas and Pasco counties combined.

The insurer has about 230,000 homeowner policies statewide.

The company announced plans to drop about 35,000 homeowner policies in September, 2005. Those cancellations should all have taken effect by next summer, Nationwide said.