Florida Insurance Commissioner Mike Yaworsky has announced the addition of two new insurance companies approved to write residential policies in the state, reflecting continued progress in Florida’s insurance market.
Since major legislative reforms were enacted, the market has stabilised and expanded, now including 14 new insurers operating within Florida.
The state’s domestic property insurers reported a net income of $944 million at the close of 2024—significantly higher than the $292 million recorded at the end of 2023 and a dramatic turnaround from a $741 million net loss in 2022.
Yaworsky said: “I am pleased to announce two additional property and casualty companies doing business in our state with more companies to be announced in the near future.
“Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate decreases or 0% increases so far this year.”
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Incline National Insurance Company, a Texas-based insurer with more than 75 years of experience and an A rating with stable outlook from AM Best, has received approval to offer coverage throughout Florida for allied lines, homeowners’ multi-peril, inland marine, workers’ compensation, and private passenger auto policies.
Florida Insurance and Reinsurance Company, domiciled in Florida, will focus on providing coverage for condominiums, condominium associations, and smaller multi-tenant office buildings.
This company specialises in reinsurance brokerage and plans to offer products designed to support exposure management, enhance underwriting capacity, and improve capital efficiency.
Legislative reforms have been essential in bringing about these improvements. Homeowners insurance rates decreased by 0.9% in the fourth quarter of 2024.
Since the start of the year, 27 companies have filed for rate reductions, and 41 companies have requested zero percent increases or no changes. According to recent reports from S&P Global, Insurance Information Institute, and Lending Tree, Florida recorded the lowest average homeowners insurance rate increase in the US in 2024, at just 1%.
In other market developments, regulators successfully oversaw the transition of Anchor Property and Casualty Insurance Company, based in St. Petersburg. Under administrative supervision, it relaunched as Patriot Select Insurance Company, which plans to expand its customer base to nearly 40,000 policies by year-end.
The Office of Insurance Regulation (OIR) encourages companies interested in entering Florida’s insurance market to apply for authorisation.
Applications are reviewed on a rolling basis, with OIR aiming to complete reviews within 60 days of submission. Further information and a complete list of new insurers approved to enter the market can be found on the OIR website.
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