The American Property Casualty Insurance Association (APCIA) has released a statement regarding the stabilization of Florida's property insurance market. The statement, attributed to Logan McFaddin, APCIA's vice president of state government relations, follows announcements by Florida Governor Ron DeSantis about improvements in the state's insurance sector.
"Over the last few years, Governor DeSantis and the Florida Legislature have taken bold steps to address Florida’s insurance crisis by passing and implementing meaningful reforms and enhancing consumer protections during the claims process," McFaddin said. He noted that Citizens' announcement of premium decreases for many policyholders, particularly in South Florida, indicates that these reforms are effective.
McFaddin highlighted that throughout 2024 and into 2025, the market has shown signs of stabilization. This includes 11 new insurers entering Florida and private insurers filing for rate decreases or maintaining current rates. This contrasts with two years ago when average rates were increasing significantly. "It’s clear the Governor and the Legislature effectively addressed the root of the state’s insurance crisis," McFaddin added.
The APCIA is a national trade association representing home, auto, and business insurers. It advocates for private competition to benefit consumers and insurers.
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