TALLAHASSEE, Fla.—Florida Insurance Commissioner Mike Yaworsky highlights a year of achievements by the Florida Office of Insurance Regulation (OIR). This year, significant progress has been made in stabilizing the property insurance market, strengthening Florida’s health insurance market, and delivering tangible results to Florida consumers.
Commissioner Mike Yaworsky said, “Thanks to reforms championed by Governor Ron DeSantis, Florida’s insurance industry is improving. From our market conduct units securing millions in restitution for Floridians to our team being national leaders in identifying positive market trends, I am proud of the hard work our office has done this past year. In addition to regulating one of the most complex insurance markets in the world, our office strives to promote a stable marketplace while protecting Florida’s consumers. Going into the new year, we are pleased to report that the marketplace continues to strengthen.”
Worked to Institute Legislative Reforms
Over the past three years, Governor Ron DeSantis has driven historic insurance reforms through three general and two special legislative sessions. Five transformative bills—three addressing tort reform and two focusing on consumer protections—have stabilized Florida’s insurance market. Key measures include expanding home hardening programs, eliminating one-way attorney fees, and curbing frivolous lawsuits.
These changes have fostered market stability and strengthened consumer protections. The OIR credits much of its success to these reforms and remains committed to supporting a resilient insurance market under Governor DeSantis’s leadership.
Stabilized Property Insurance Market
The property insurance market continues to show resilience and growth:
- More than 7.55 million residential insurance policies are in force.
- The average monthly request for homeowners’ rates is 1.2%, compared to 14% just a few years ago.
- Nine new property and casualty insurers have entered Florida’s market since historic legislative reforms.
- Among the top ten national carriers in Florida, 60% have expanded their book of business and 40% filed rate decreases.
Decreased Reinsurance Costs
Reinsurance costs continue to decline:
- The risk-adjusted cost for 2024 decreased 1.70%, compared to a 27.03% from 2022.
- Moody’s Ratings upgraded several ratings for several Florida assessment-backed special tax bonds, including Florida’s Hurricane Catastrophe Fund, Citizen’s Property Insurance Corporation and the Florida Insurance Guaranty Association.
Enhanced Consumer Protections
OIR’s Market Conduct Unit has intensified enforcement efforts to protect Floridians. The Office:
- Issued more than $2.8 million in fines in fiscal year 2023-24—nearly seven times the total fines collected in two-thirds of 2023.
- Finalized more than 20 market conduct examinations and completed over 620 investigations.
- Secured over $8 million in monetary restitution for consumers.
OIR approved the transfer of Citizens Property Insurance Corporation policies to strengthen private market strength through the Depopulation Program:
- Citizens’ portfolio now holds less than 1 million policies, with 428,000 policies transferred to private market insurers in 2024—reducing Citizens’ exposure by nearly $200 billion.
- Florida domestic property companies reported $389 million in net income for the first three quarters of 2024—up from $313 million in 2023 and reversing 2022’s $854 million net loss.
Lowering Workers Compensation Rates for Businesses
Workers’ compensation insurance rates were reduced for the eighth consecutive year:
- In November, the Commissioner issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 1%. The rate decrease will be effective on January 1, 2025.
Growth in Health Insurance Market
Florida’s health insurance market expanded by 35% in 2024, growing from 3.1 million to 4.2 million consumers. Prior to 2014, the market consisted of approximately 800 thousand consumers.
- The small group market offers competitive options, with every county now having at least three different carriers.
- For 2025, no county will have a single carrier, and counties with six or more carriers nearly doubled compared to 2023.
- Florida has the largest presence on Healthcare.gov and OIR will continue to monitor enrollment and oversee competition.
Leader in Insurance Reform
- In August 2024, following a comprehensive, independent review of financial solvency oversight standards, the National Association of Insurance Commissioners (NAIC) voted to accredit Florida for a full five years.
- NAIC Accreditation demonstrates that state departments of insurance meet standards of solvency regulation, financial analysis and examination, licensing, and organizational and personnel practices to provide effective regulation of multi-state insurers.
As the OIR enters 2025, its focus remains on reducing costs for Floridians. Florida continues to set national standards in insurance regulation, paving the way for sustained growth and stability across all sectors.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit www.floir.comor follow on X @FLOIR_comm.