According to a recent report by the Florida Office of Insurance Regulation (OIR), insurance reforms backed by the Florida Chamber are showing signs of stabilizing the state's market. This was highlighted by Florida Insurance Commissioner Michael Yaworsky at the 2024 Florida Chamber Annual Insurance Summit.
The report indicates several positive developments in Florida's property insurance sector. Notably, ten new companies have entered the market, signaling increased competition and potential benefits for consumers.
Citizens Property Insurance Corporation, known as the state insurer of last resort, has seen a reduction in its policy count. Between January and November 2024, there was a decrease of 428,650 policies, suggesting that more Floridians are finding coverage with private insurers.
A decline in litigation is also reported across various metrics tracked by OIR. Litigation often drives up insurance rates, so this trend could contribute to more stable or even reduced premiums for policyholders.
In terms of rate adjustments, 32 Florida companies filed for zero percent rate increases in 2024. Additionally, 17 companies requested rate decreases during the same period.
These developments will be part of ongoing discussions about Florida’s insurance market and future legislative efforts. Interested parties can participate in these discussions during the 2025 Legislative Fly-In on February 10-11 in Tallahassee.