TALLAHASSEE, Fla. (WFLA) — The state of Florida will see new property and casualty insurers after Commissioner Mike Yaworsky authorized greater than 10 firms to enter the market.
The commissioner stated the insurers have been added since historic legislative reforms, bringing in practically $300 million in policyholder surplus to assist Florida’s super property development.
Mangrove Property Insurance coverage, based mostly of out St. Pete, is the newest addition to the market. This firm joins a number of others, together with ASI Choose Insurance coverage Corp. and Manatee Insurance coverage Change, amongst others.
Within the Sunshine State, there are greater than 7.55 million residential insurance coverage insurance policies. In line with the Office of Insurance Regulation, the 30-day common request for home-owner charges is 0.8%, in comparison with 21.8% in 2023.
“We’re working laborious daily to recruit extra insurers to our state. Due to latest historic legislative reforms, Florida’s insurance coverage market is stabilizing, and extra firms are getting into the market,” Commissioner Yaworsky stated. “Home firms reported greater than $389 million in web earnings as of September 2024. We’ll proceed to emphasise the encouraging indicators of the resilience and development of our market to draw extra enterprise to our state.”
The commissioner stated that because the market continues to stabilize, there’s an ongoing curiosity from licensed insurers within the Residents Depopulation program.
For extra info on new entities authorized to enter the insurance coverage market in Florida, click on here.
