~ Progressive commits to investing in Florida, joining State Farm and several national carriers, and nine new domestic property insurers following 2023 reforms ~

TALLAHASSEE, Fla. - Today, just four days after Hurricane Debby made landfall along the Big Bend, Florida’s Insurance Commissioner Michael Yaworsky announced several positive developments related to the state’s strengthening property insurance market. The news follows announcements by State Farm and the most recent approval of the a ninth new property insurer, Trident Reciprocal Exchange, since the state’s 2023 landmark reforms.

In addition to new Florida-based market entrants, national carriers continue to expand their business in Florida’s market despite reducing company operations elsewhere. This week, following a meeting between Commissioner Yaworsky and Progressive Insurance executives, Progressive reinforced their commitment to investing in Florida's market.

“Today’s announcements are a further indication of the continued strengthening of Florida’s property insurance market,” said Insurance Commissioner Michael Yaworsky. “OIR will continue to work with Florida-based and national carriers, like Progressive, to recruit and retain business so that all Floridians may benefit from a strong market.”

Florida’s strengthening market is reinforced in recent rate filings, increased participation in the Citizens Property Insurance Corporation (Citizens) Depopulation Program, reduced reinsurance costs, and more carriers announcing their commitment to Florida’s insurance market.

Florida’s property insurance market is improving:

• Rate Filings: The 180-day average request for homeowners’ rates as of August 1, 2024 is 1.2%. Twelve companies have filed a rate decrease to take effect in 2024 and 24 companies have filed a zero percent increase, covering 1.8 million policies in Florida. The current 30-day average rate request for homeowners’ rates is 0.5%. One year ago, the 30-day average rate request was 7.6%.
  
  
• Market Snapshot: As of Q1 2024, there are approximately 7.43 million residential insurance policies in force in the Florida property insurance market. 83% of those policies are written by admitted property insurers, as opposed to Surplus Lines companies or Citizens Property Insurance Corporation.
  
  
• Reinsurance: OIR conducts the Annual Reinsurance Data Call (ARDC) to assess insurers' financial viability in covering catastrophic losses with respect to their catastrophic reinsurance programs. Preliminary results from the 2024 ARDC indicate that the risk-adjusted change in reinsurance cost decreased on average -1.7% from 2023, which is the first decrease in years.
  
  
• Citizens Property Insurance Depopulation Program: OIR is seeing greater participation and interest in the Citizens Depopulation program. OIR has approved insurers to assume 768,692 policies from Citizens in 2024, an 858% increase since 2022. To date, 132,445 policies have been removed from Citizens and Citizens’ exposure has reduced $64,852,563,061. More information on how to participate in the takeout process and latest takeout approvals is available on OIR’s website here.

OIR is a national leader in identifying market trends because it collects more data about its insurance market than any other state or regulatory entity. Using data reported by insurers, OIR has created the Florida Property Insurance Market Stats, Data and Facts page to provide the latest information and facts on Florida’s property insurance market.