02-06-2025
Florida insurers turn a profit after losing billions
Florida's property insurance industry, once the poster child of market failure, has staged a stunning turnaround and emerged as a potential model in an era of climate change.
After losing hundreds of millions of dollars a year since 2015, Florida-based insurers turned a collective profit in 2024 as new state laws restricted policyholder lawsuits and insurers sharply hiked rates, a new analysis shows.
The $207 million profit came even as insurers paid billions of dollars in claims following Hurricanes Helene and Milton last fall.
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'We're seeing a pivotal transition in Florida's personal property market,' said Josie Novak, a senior financial analyst at AM Best credit ratings, which published the analysis. AM Best called the 2024 profits 'a significant milestone.'
