Shiloh Elliott, Press Secretary of the Florida Office of Insurance Regulation (FLOIR), said that continued insurer interest and approvals reflect ongoing stabilization in the property insurance market following legislative reforms. The statement was made in a recent op-ed.
"Florida's insurance market is stabilizing, and more companies are entering the market," said Elliott. "We are working hard every day to recruit more insurers to our state. Domestic companies reported more than $389 million in net income as of September 2024. We will continue to emphasize the encouraging signs of the resilience and growth of our market."
Since 2022, Florida lawmakers have enacted sweeping legislative reforms to stabilize the state’s turbulent property insurance market. According to the Florida Senate, Senate Bill 2A, passed in December 2022, eliminated one-way attorney fees, shortened the claims filing window from three years to one, and introduced the Reinsurance to Assist Policyholders (RAP) program to support insurers. These reforms aimed to reduce excessive litigation and attract new insurers to a market plagued by insolvencies and rising premiums. As reported by the Florida Office of Insurance Regulation (OIR), subsequent impacts included a decline in litigation-related costs and signs of improved insurer participation.
According to OIR in January 2025, over 10 new property and casualty insurers have entered the Florida market since January 2023. This influx marks a significant turnaround from previous years when multiple companies exited due to financial strain. One of the notable approvals includes Mangrove Property Insurance Company, which received authorization to write homeowners’ policies statewide. OIR attributes this increased participation directly to the reforms passed by the Florida Legislature in 2022 and 2023.
Between 2022 and 2024, Citizens Property Insurance Corporation implemented annual rate increases of 11%, 12%, and 13%, respectively, reflecting continued pressure from reinsurance costs and litigation. However, as reported by WORTH Insurance in March 2025, the state-run insurer announced a proposed average rate decrease of 5.6% for 2025, citing market stabilization from recent legal reforms. This would mark the first major rate reduction in several years, with homeowners in high-risk regions like Miami-Dade, Broward, and Palm Beach counties seeing significant relief. The change follows improvements in reinsurance availability and declining non-catastrophe claim filings.
Elliott currently serves as the Press Secretary for FLOIR, where she oversees public communications and media relations. According to her professional profile on LinkedIn, Elliott is a graduate of Florida State University and has worked in various governmental communications roles. Her experience in insurance regulation and public affairs has positioned her as a key spokesperson during recent reforms in Florida’s insurance market.
The Florida Office of Insurance Regulation is responsible for regulating insurers, including licensing, solvency oversight, rate approvals, and market conduct examinations. According to its official website, OIR operates under the Florida Insurance Code and reports to the Financial Services Commission, which includes the Governor and Cabinet. Established in its current form in 2003, the agency plays a central role in shaping the state's insurance landscape and ensuring consumer protection through rigorous supervision.