Florida property insurance market is rebounding from 2022 low point

"Since the reforms, 18 new or re-launched insurers have entered or announced plans to enter the Florida market, according to the report. Six companies began writing homeowners insurance during the 20242025 period. The transformation of the Florida property insurance market in just three years is extraordinary, ALIRT Insurance Research said. The combination of litigation reforms, strengthened underwriting discipline, and stabilizing reinsurance dynamics has reshaped one of the nation's most challenged insurance markets into a more sustainable and investable environment."

"The report points to several indicators of improving market conditions including a reduction in policy counts at Citizens Property Insurance Corporation, Florida's insurer of last resort, as policies have shifted back to the private market over the past two years. ALIRT also reported improvements in insurer balance sheets and operating results, citing higher scores across its proprietary ALIRT Score framework, which evaluates financial performance and solvency trends."

Changes to litigation rules and underwriting practices have driven renewed insurer participation and improved financial results in Florida's property insurance market. Eighteen new or re-launched insurers have entered or announced plans to enter the state, and six companies began writing homeowners insurance during the 20242025 period. Indicators include shifting policies from the insurer of last resort back to the private market, stronger insurer balance sheets, higher proprietary financial and solvency scores, and growth in newly formed insurers, reciprocal exchanges, and reinsurance-backed structures. The market still faces hurricane exposure, reinsurance pricing volatility, and regulatory uncertainty.

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