Matthew Monson, Esq., founder and manager of The Monson Law Firm, said that Florida's legislative reforms have successfully attracted new insurers and strengthened the property insurance market. This statement was made on LinkedIn.
"Florida's insurance landscape continues its upward trajectory," said Monson, Esquire, according to LinkedIn. "Insurance Commissioner Mike Yaworsky has approved Apex Star Reciprocal Exchange as the 12th property and casualty insurer to enter the Florida market following significant legislative reform. These reforms have ushered in over $418 million in policyholder surplus, bolstering the state's property market. This momentum underscores the positive impact of recent legislative changes, fostering a more competitive and consumer-friendly insurance environment in Florida."
Florida's insurance reform under Senate Bill 2-A, enacted in December 2022, introduced significant changes aimed at curbing litigation abuse and bolstering insurer confidence. The law eliminated one-way attorney fees, ended the assignment of benefits (AOB) practice, and enhanced the state's reinsurance program. These reforms are designed to stabilize the homeowners insurance market and attract new insurers.
Reciprocal insurance exchanges are owned by their policyholders, who share in both the benefits and risks of insurance. According to PURE Insurance, this model promotes long-term stability because surpluses are reinvested for the benefit of members rather than external shareholders. PURE highlights that reciprocal structures align the interests of the insured and the insurer, fostering stronger loyalty and financial resilience.
Kin Insurance benefits from operating as a reciprocal insurer by aligning its financial interests directly with those of its policyholders. This structure enables Kin to prioritize long-term stability and member satisfaction over short-term profits, fostering greater trust and loyalty. As a reciprocal exchange, Kin can also reinvest surpluses to improve underwriting strength and expand coverage options for homeowners.
Monson is the founder of The Monson Law Firm LLC, specializing in insurance defense, coverage, and fraud cases across Louisiana and Texas. He is a Certified Claims Professional and frequently lectures at industry events on insurance law and ethics.