Lisa Miller and Associates announced in a press release that recent legislative reforms have improved Florida’s property insurance market, including the entry of new carriers, depopulation of Citizens Insurance, and a rare rate hearing.
According to Insurance Journal, the 2024 Gallagher Re Florida Market Watch report found that Florida’s property insurance market is demonstrating a rebound following extensive legislative reforms. The report highlights that Florida Specialists—domestic, Florida-based carriers—posted a net underwriting gain of $235.6 million and after-tax net income of $537.1 million for the previous year. In addition, the report shows that surplus across the entire market grew by 7% to $13.1 billion, indicating improved financial stability.
As detailed in a news release from the Florida Office of Insurance Regulation, 14 new insurance companies have entered Florida’s property insurance market since the state’s legislative reforms were enacted during winter 2022/2023. The office reports that there have been over 120 residential rate filings in 2024 for either rate decreases or 0% increases, showing growing competition and improving conditions. Florida Insurance Commissioner Michael Yaworsky cited S&P Global, Insurance Information Institute, and Lending Tree data showing Florida experienced the nation’s lowest average homeowners insurance rate increase at just 1% statewide this year.
According to Insurance Business America, Citizens Property Insurance policy count dropped below 800,000 for the first time in four years, with a 36% decline year-over-year. Citizens’ President & CEO Tim Cerio reported that the company’s market share has fallen from 17% in late 2023 to just 9%, a development he attributes to private carrier take-outs and legislative reform impact. Cerio told the Citizens Board that the data is “simply irrefutable that the reforms passed have had a tremendous impact” on the market.
Lisa Miller and Associates is a Florida-based consulting firm providing analysis and communications on property and casualty insurance, legislative updates, and regulatory issues. The firm is known for publishing weekly Property Insurance News briefings and offering expert insights to industry stakeholders. According to the official Lisa Miller and Associates website, the organization leverages decades of experience to advise on insurance, disaster recovery, and government affairs.
