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Florida’s insurance market sees positive growth following reforms

15th August 2023 - Author: Akankshita Mukhopadhyay

In a promising update from the Florida Office of Insurance Regulation (OIR), the state’s insurance market continues to exhibit signs of robust growth.

This development comes on the heels of recent legislative reforms aimed at bolstering Florida’s property insurance sector.

On August 11, OIR granted approval to Mainsail Insurance Company, a property and casualty insurer based in Texas, as the second company to earn authorisation as a domestic property and casualty insurer within Florida.

This significant step follows the enactment of HB 837 earlier this year, which paved the way for such authorisations.

Mainsail Insurance Company joins Tailrow, which received OIR’s approval back in April. The regulatory body maintains an ongoing review of applications and intends to unveil further approved entrants on a rolling basis.

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Insurance Commissioner Michael Yaworsky affirmed OIR’s unwavering commitment to fostering a stable and competitive insurance market for consumers.

He emphasised that Mainsail Insurance Company’s entry into Florida’s market serves as tangible evidence of the positive impact resulting from recent legislative reforms.

The OIR’s achievements are not limited to new market participants alone. This year, the Citizens Depopulation program has garnered increased interest and participation.

OIR has granted approval for insurers to take on a staggering 280,000 policies from Citizens Property Insurance Corporation (Citizens) by October 2023.

The Citizens Depopulation program, crafted by the Florida Legislature, seeks to reduce the number of properties and exposure held by Citizens, thereby enhancing market stability.

Recent years have seen Florida enact groundbreaking reforms aimed at cultivating market equilibrium, including the introduction of Senate Bill 2-A and Senate Bill 2-D.

These legislative efforts have created additional opportunities in the market for insurers to sell insurance in the state of Florida.

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