When will property insurance become more affordable? The uncomfortable truth is that it will take time for changes in the Senate Bill 2A, which took effect March 1, 2023, to work through the insurance ecosystem. But there are improvements.

1. Attracting New Insurance Capital. The Florida Office of Insurance Regulation approved seven new property and casualty insurers to operate in Florida in 2024.
2. Reinsurance: Insurance for insurance companies. In 2022, reinsurers in Bermuda, England, and Switzerland no longer wanted Florida’s risk, and the demand for reinsurance exceeded capacity. In 2023, all property insurers who sought reinsurance were able to obtain it, potentially preventing even more carriers from going under.
3. Citizens Property Insurance Corporation. Citizens Property Insurance Corporation ended 2023 with 1.23 million policies and over $550 Billion in exposure. While this is A LOT, it’s significantly below an earlier forecast of 1.7 million policies and $675 Billion in exposure.
4. Citizens Depopulation. In 2023, more policies were removed through depopulation (275,324) than in the combined years of 2016 to 2022 (169,227).
5. Lawsuits. In the first 10 months of 2023, Citizens had 17% fewer new litigated cases filed compared to the same period last year.

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