ALIRT, a provider of insurance market research and analysis, recently released its annual review of the Florida domestic property insurance market, highlighting the overall state of the market following tort reforms.
The report notes that 18 new or re-launched insurers have entered or announced plans to enter the market since the reforms, signalling an industry-wide vote of confidence. ALIRT emphasises that six insurers began writing homeowners coverage in the 2024-2025 period alone.
In addition to the influx of new market participants, the report identifies two other indicators of market health: the rapid depopulation over the past two years of Citizens Property Insurance Corporation, the state’s insurer of last resort, and the significant improvement and stabilisation of ALIRT Scores for composite insurers.
The company also explores the diverse ownership structures and business strategies among these carriers, including the growing popularity of reciprocal exchanges. The report further reviews several key financial indicators that demonstrate the composite’s strengthened market position.
ALIRT concludes that the Florida homeowners insurance market is in its strongest position since the mid-2010s, showing broad-based improvements in revenue growth, profitability, surplus levels, and capital inflows.
However, the company cautions that this segment of the market remains prone to sharp reversals. Large storm losses, fluctuations in global reinsurance pricing, and ongoing regulatory and political pressures, including proposed legislation that revisits the three-year-old market reforms, continue to act as significant uncertainties shaping the future of the Florida property insurance market. For the moment, though, the market is experiencing a period of renewed stability and optimism.
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