Florida’s insurance market is showing further signs of recovery and growth following a series of legislative reforms. Insurance Commissioner Mike Yaworsky announced that two additional companies have been approved to write residential insurance policies in the state, bringing the total number of new market entrants to 14.
As of the end of 2024, Florida’s domestic property insurers reported $944 million in net income, a significant increase from $292 million in 2023 and a reversal of the $741 million net loss reported in 2022. Commissioner Yaworsky highlighted a more competitive market landscape and noted that over 120 residential rate filings this year have requested either a rate decrease or no increase at all.
Incline National Insurance Company, based in Texas, has received approval to offer a range of coverages in Florida, including homeowners’ multi-peril and private passenger auto. The company holds an A rating with a stable outlook from A.M. Best and plans to operate statewide.
Florida Insurance and Reinsurance Company, domiciled in Florida, will concentrate on insuring condominiums and associated properties. It also plans to support the market with specialized reinsurance solutions aimed at enhancing underwriting capacity and managing exposure.
Homeowners insurance costs in Florida declined by 0.9% in the fourth quarter of 2024. From January through June 2025, 27 companies have filed for rate reductions and 41 have filed for no changes, contributing to Florida’s distinction of having the lowest average homeowners insurance rate increase in the U.S. in 2024.
The Office of Insurance Regulation also oversaw the successful runoff and relaunch of Anchor Property and Casualty Insurance Company, now operating as Patriot Select Insurance Company. The restructured company aims to serve nearly 40,000 policies by year-end.
OIR continues to encourage insurers to enter the Florida market, with applications accepted year-round and reviewed within 60 days. Full details on new market entrants are available on the OIR website.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on X @FLOIR_comm.
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