Florida Insurance Commissioner, Michael Yaworsky, recently announced in an April press release that newly implemented legislative reforms, such as the elimination of attorneys’ fee multipliers, are bolstering the state’s insurance market.
"Florida's insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market," said Yaworsky. "OIR [Office of Insurance Regulation] remains steadfast in our efforts to stabilize Florida's insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders."
According to a separate press release, Governor Ron DeSantis signed HB 837 into law last year with an aim to enhance the state’s insurance market. The legislation introduced reform measures intended to reduce excessive litigation that was driving up insurance costs. These measures included eliminating attorneys’ fee multipliers and establishing uniform standards to aid juries in calculating accurate medical damages. "I am proud to sign this legislation to protect Floridians, safeguard our economy and attract more investment in our state," said DeSantis.
Yaworsky indicated that one sign of improvement in the state’s insurance market is the recent approval of eight new property and casualty insurers: Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Companies. According to a press release, these new insurance providers are helping decrease reliance on the state-run Citizens Property Insurance Corporation.
Insurify suggests that Florida’s home insurance rates are projected to increase by 7% this year - a smaller increase than some other states are expected to experience. States predicted to see larger rate increases include California (+8%), Montana (+12%), Michigan (+14%), Maine (+19%), and Louisiana (+23%).
The National Association of Insurance Commissioners reports that Yaworsky was appointed as Florida’s insurance commissioner in March 2023. His previous roles include vice chairman of the Florida Gaming Control Commission and chief of staff for the Office of Insurance Regulation. He also serves on the board of directors for the nonprofit Family Promise of the Big Bend.