Florida approves more than 10 new insurance companies for growing property market

TALLAHASSEE, Fla. (WFLA) — The state of Florida will see new property and casualty insurers after Commissioner Mike Yaworsky approved more than 10 companies to enter the market.

The commissioner said the insurers have been added since historic legislative reforms, bringing in nearly $300 million in policyholder surplus to support Florida's tremendous property growth.

Mangrove Property Insurance, based of out St. Pete, is the most recent addition to the market. This company joins several others, including ASI Select Insurance Corp. and Manatee Insurance Exchange, among others.

In the Sunshine State, there are more than 7.55 million residential insurance policies. According to the Office of Insurance Regulation, the 30-day average request for homeowner rates is 0.8%, compared to 21.8% in 2023.

"We are working hard every day to recruit more insurers to our state. Thanks to recent historic legislative reforms, Florida's insurance market is stabilizing, and more companies are entering the market," Commissioner Yaworsky said. "Domestic companies reported more than $389 million in net income as of September 2024. We will continue to emphasize the encouraging signs of the resilience and growth of our market to attract more business to our state."

The commissioner said that as the market continues to stabilize, there is an ongoing interest from authorized insurers in the Citizens Depopulation program.

For more information on new entities approved to enter the insurance market in Florida, click here.