USA – FLORIDA Trends and Developments Contributed by: Melissa Sims and Patrick Betar, Berk, Merchant & Sims
With new insurers, capital, and capacity entering the market, Citizens is expected to continue its attempt to depopulate its policies. What does it all mean? While Hurricanes Debbie, Helene and Milton may affect the recent trends, it appears that Florida’s insurance market is starting to stabi- lise – if not grow. New insurers have entered the market, some existing insurers have filed for rate decreases or to keep rates at the status quo, Citizens is beginning to depopulate its portfolio, and litigated claims seem to be on a downwards trend.
However, there are still many unanswered ques- tions and unknown variables looming on the horizon. Will an uptick in hurricane activity and floods affect the current trends and destabilise the market? Are the newly established carriers going to be resilient enough to face a year of mul- tiple major hurricanes? Will Floridians demand some of the changes be rescinded if premiums do not fall fast enough? These are all questions that remain unanswered and unanswerable for the time being. One thing is certain – many eyes are watching the impact of Florida’s insurance reforms.
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