Ron Kuruvilla, owner of Ron Kuruvilla Real Estate and Mortgage, said that Florida's property and casualty insurance market is experiencing growth, higher profits, and consumer benefits following regulatory reforms. This statement was made in a LinkedIn post.
"Proud to see continued stabilization in Florida's P&C landscape—most recently marked by the Florida Office of Insurance Regulation authorizing two new entrants to write residential policies statewide," said Kuruvilla, according to LinkedIn. "Since historic legislative reforms, the market has welcomed 14 new insurers, adding valuable capacity to a market long challenged by extreme weather and litigation. Domestic P&C carriers collectively reported $944 million in net income in 2024—up from $292 million in 2023 and a $741 million loss in 2022—confirming a strong turnaround. Q4‑2024 saw a 0.9% reduction in homeowners rates."
According to Clyde & Co, these reforms marked a pivotal step towards restoring balance in Florida's insurance sector. In December 2022, Florida enacted significant legislative reforms through Senate Bill 2-A to address the state's property insurance crisis. These reforms included eliminating one-way attorney fees and assignment of benefits (AOB) for property insurance claims, which were contributing factors to excessive litigation and rising insurance costs. The legislation aimed to stabilize the insurance market by reducing fraudulent claims and abuse of the legal system, thereby attracting new insurers and providing relief to policyholders.
The Florida Office of Insurance Regulation reported this positive trend as evidence of the market's stabilization and the effectiveness of recent legislative reforms. Florida's domestic property and casualty insurers reported a substantial financial turnaround in 2024, with a net income of $944 million. This marked a significant improvement from the $292 million net income recorded in 2023 and a stark contrast to the $741 million net loss in 2022.
According to Florida's Voice, since the implementation of legislative reforms in 2022, Florida's insurance market has seen the entry of 14 new property and casualty insurers. This influx has increased market competition and capacity, contributing to more favorable conditions for consumers. Notably, in 2025, over 120 rate filings have reflected decreases or flat rates, indicating a trend towards more stable or reduced homeowners' insurance premiums.
Kuruvilla is a seasoned insurance and real estate executive based in Jacksonville, Florida. He serves as the owner of Ron Kuruvilla Real Estate and Mortgage, bringing extensive experience in sales leadership, profit-and-loss management, and strategic partnerships. His professional background includes a degree from the University of Florida and certifications as an insurance broker and property & casualty agent in the state of Florida.