Florida insurance market continues to grow, regulator says

Florida insurance market continues to grow, regulator says | Insurance Business America

Insurance News

Florida insurance market continues to grow, regulator says

Update follows reforms aimed at strengthening its property insurance market

Insurance News

By
Steven Byerley

The Florida Office of Insurance Regulation (OIR) has issued an update showing positive signs of growth in Florida’s insurance market. This announcement comes in the wake of several reforms aimed at strengthening the state’s property insurance market.

On Aug. 11, the OIR approved Mainsail Insurance Company, a property and casualty insurer based in Texas, as the second company to be authorized as a domestic insurer for property and casualty following the passage of HB 837 earlier this year.

Mainsail joins Tailrow, which received OIR approval in April. The OIR is actively accepting and reviewing applications and will announce new entrants on an ongoing basis.

“OIR remains steadfast in its mission to promote a stable and competitive insurance market for consumers,” said Florida Insurance Commissioner Michael Yaworsky. “The addition of Mainsail Insurance Company to the Florida market is evidence that recent legislative reforms are having a positive impact for consumers.”

In addition to welcoming new market entrants, the OIR has observed a surge in participation and interest in the Citizens Depopulation program this year. Since October 2022, the OIR has approved insurers to assume 280,000 policies from Citizens Property Insurance Corporation, the state’s insurer of last resort. The Citizens Depopulation program, created by the Florida Legislature, aims to reduce the number of insured properties and exposure for Citizens.

Florida has implemented historic and unprecedented reforms in recent years to enhance market stability, OIR said. Consequently, these reforms have created additional opportunities for insurers to sell insurance within the state.