Regulators, insurance companies and attorneys at the Florida Chamber of Commerce Annual Insurance Summit this week sent a clear message to lawmakers about tinkering with Florida’s property insurance law, two years after major legislative reforms were adopted:
“Don’t touch it. The 2022 and 2023 reforms are working. Let them continue.”
While many policyholders statewide have continued to see premium increases this year, putting pressure on lawmakers to take new action, others have seen slight decreases or rate stabilization, panelists said. And all signs point to a steadily improving market in a state that was in a full-blown crisis just 18 months ago: A real decline in the massive number of claims lawsuits; improving loss ratios for most carriers; a manageable hurricane season this year; billions of dollars in new capital in the state; and, yes, even a reduction in reinsurance prices in 2025.
“I think the Florida Office of Insurance Regulation would really like to see the status quo for now,” said Virginia C