Florida insurance market has gained two new property and casualty insurance carriers, Stand Insurance Exchange and Praxis Reciprocal Exchange, according to the Florida Office of Insurance Regulation. These approvals bring the total number of new insurers entering the state since recent legislative reforms to 17, signaling ongoing changes in the insurance landscape.
Florida Insurance Market Welcomes New Carriers
The approval of Stand Insurance Exchange and Praxis Reciprocal Exchange is part of a broader trend following state legislative changes aimed at stabilizing the Florida insurance market. The market has faced challenges in recent years, including high premiums, insurer insolvencies, and limited consumer options, according to official sources.
Both new carriers are authorized to write several types of property and casualty policies. These include fire, homeowners multi-peril, allied lines, inland marine, and other liability coverages. Praxis Reciprocal Exchange is also approved to offer boiler and machinery insurance, expanding the range of available policy options for Florida residents and businesses.
Impact of Legislative Reforms on Florida Insurance Market
Recent legislative reforms in Florida have focused on stabilizing the property insurance sector. Measures have included efforts to curb excessive litigation, clarify claims handling procedures, and improve reinsurance financing. According to the Florida Office of Insurance Regulation, these changes have made the market more attractive to new carriers.
Since these reforms, new insurance entrants have collectively brought over $574 million in policyholder surplus to Florida. This increase in surplus has strengthened the financial foundation of the state’s property insurance market, supporting greater stability for policyholders.
Increased Competition and Rate Stabilization
The influx of new insurers has led to increased competition in the Florida insurance market. According to the Florida Office of Insurance Regulation, there have been more than 120 residential rate filings in 2025 alone, with most requesting either rate decreases or no increases. This trend indicates a shift toward rate stabilization for homeowners and businesses.
Financial data from domestic property insurers also shows a significant turnaround. The sector reported a net income increase from a $741 million loss in 2022 to a $944 million profit by the end of 2024, according to official reports. This improvement reflects the impact of market reforms and the entry of new carriers.
Private Market Expansion and Citizens Policy Transfers
The expansion of the private insurance market has allowed the state-run Citizens Property Insurance Corp. to reduce its policy count. According to Citizens, approximately 90,000 policies have been transferred to private insurers over the past year, particularly in high-risk regions. This shift supports ongoing efforts to depopulate the state-backed insurer and reduce public exposure.
Officials report that the trend toward increased private market participation is expected to continue as more carriers receive approval to operate in Florida. The Florida Office of Insurance Regulation anticipates further approvals in the coming months, suggesting ongoing momentum in market expansion and competition.
Financial Strength and Market Stability
Industry experts view the entry of new carriers as a positive sign of market recovery and increased consumer choice. The additional policyholder surplus and improved net income figures point to a stronger financial position for the state’s property insurance sector.
However, experts caution that execution risks remain for start-up insurers, and ongoing regulatory oversight will be necessary to ensure long-term market stability. The Florida Office of Insurance Regulation continues to monitor the market closely and provide updates as new carriers are approved.
Frequently Asked Questions About Florida Insurance Market
What is the Florida insurance market?
The Florida insurance market refers to the network of companies offering property and casualty insurance to residents and businesses in the state. It includes both private insurers and the state-run Citizens Property Insurance Corp.
How many new insurance carriers have entered Florida since the reforms?
According to the Florida Office of Insurance Regulation, 17 new property and casualty insurance carriers have been approved to operate in Florida since recent legislative reforms.
Are there more options for homeowners insurance in Florida now?
Yes, the entry of new carriers like Stand Insurance Exchange and Praxis Reciprocal Exchange has increased consumer options for homeowners insurance in Florida. This expansion is expected to improve competition and potentially stabilize rates.
Can you transfer your Citizens Property Insurance policy to a private insurer?
In some cases, Citizens Property Insurance Corp. policies can be transferred to private insurers if those companies are approved to take on new policies. This process helps reduce the number of policies held by the state-backed insurer.
Where are the new insurance carriers authorized to provide coverage?
The new carriers, including Stand Insurance Exchange and Praxis Reciprocal Exchange, are authorized to provide coverage throughout Florida. They offer a range of property and casualty insurance options for homeowners and businesses statewide.
