PIFF's Michael Carlson on Florida insurance market stability

The Texas Department of Insurance (TDI) has published draft mandatory appraisal rules for personal auto and residential property insurance in the state, with public comment open until Oct. 6. https://lnkd.in/eTzcyCiD

Florida homeowners are experiencing property insurance rate reductions: in fact, Panhandle-based insurance agent Trey Hutt notes an average decrease of 10.3% over the past year in his area. These lower rates come directly on the heels of the 2022 and 2023 reforms that addressed lawsuit abuse and curbed incentives for inflated claims. The result is a market that has been stabilizing for the past 12 months by every key measure, after multiple years of steep premium hikes. Consumers are benefitting from more carriers competing for their business, and the proof is in the rate filings: declines instead of double-digit increases. Florida is showing that litigation reform works. By curbing abusive practices and creating room for healthy competition, lawmakers have set the stage for a stronger, more resilient insurance market that puts homeowners first. https://lnkd.in/exrbuW9s

Florida’s 2022 and 2023 insurance reforms continue to attract new insurance carriers into the state. Two more companies have been approved to operate, bringing the total number of new entrants since the reforms to 17. It is a sharp reversal from the days when carriers were leaving the market or going insolvent, and it gives homeowners more options. An additional benefit? Citizens’ policy count continues to fall, and it is being restored to its rightful place as Florida’s insurance company of last resort. With competition growing in the private market, Florida families are beginning to see a path toward lasting stability and real choice in coverage. https://lnkd.in/eFN3CAcw

Florida has approved two new property insurers, Stand Insurance Exchange and Praxis Reciprocal Exchange, to enter the market, offering various coverages including homeowners multiperil and inland marine. This move follows recent legislative reforms that have encouraged new companies to join and helped reduce reliance on the state-backed Citizens Property Insurance Corp. The increased competition is expected to contribute to lower homeowners insurance rates in Florida. - Stand and Praxis plan to transfer 25,000 policies from Citizens Property Insurance. - Praxis will also offer boiler and machinery insurance. - The state’s top auto insurers are requesting rate decreases, reflecting broader market improvements. The entry of these insurers highlights ongoing positive changes and growing competition in Florida’s property insurance market. Read more: https://lnkd.in/dc9Gr8GV #PRESWERX #FloridaConstruction

A significant number of independent property and casualty (P&C) insurance agents aren’t getting the support they need from their carriers, J.D. Power’s 2025 U.S. Independent Agent Satisfaction Study says.  https://lnkd.in/eyiMf5re

Florida’s property insurance landscape continues to evolve. Governor Ron DeSantis recently told insurers that the state’s legal reforms are beginning to yield results, citing declining lawsuits, moderating rate requests, and renewed market competition. With 17 new insurers entering the state and rate reductions outpacing increases, the changes could mark a pivotal moment for both the industry and policyholders. While the reforms have reduced litigation volume and encouraged more private carriers to re-enter the market, challenges remain including inflation, reinsurance costs, and catastrophic storm risks. For Florida homeowners, understanding how these developments affect coverage and claims will be critical moving forward. 👉 Read more about the state’s insurance market changes: https://lnkd.in/evxxTsDw #FloridaInsurance #InsuranceMarket #InsuranceReform #BoggsLawGroup #HomeownersCoverage

The Florida Office of Insurance Regulation (OIR) has approved Stand Insurance Exchange and Praxis Reciprocal Exchange to write property insurance in the state. #propertymanagemen #floridainsurance #condoliving https://lnkd.in/eQ8_EzW2

Professional indemnity (PI) insurance is a necessary evil to most advisers. But to one small insurance broker, it is the spearhead of major change in the financial services industry. James Dunn Richard Silberman Numerisk https://lnkd.in/gGJd9Tqt

https://lnkd.in/essacArB Good news for Florida Homeowners! The Florida Office of Insurance Regulations just approve two new insurance companies: Standard Insurance Exchange & Praxis Reciprocal Exchange to write homeowners in Florida. This means more competition, more options and potentially lower rates for homeowners.

Michael Smith, Jr., CPCU of Rue Insurance talks about his future outlook for the Property & Casualty insurance markets. See what challenges drive the markets from his perspective. For more of Mike Smith's outlooks, see videos at https://lnkd.in/e8sZMjA5 #InsuranceOutlook #RueInsuranceTalks #PropertyAndCasualty