Florida Insurance Market Shows Operational Gains Amid Affordability Concerns

A recent survey of 1,000 Florida homeowners who filed insurance claims in the past three years reveals mixed consumer sentiment on the state's property insurance market stability post-Hurricane Ian. While 53% of respondents acknowledge an increase in available carriers, legislative efforts translating to carrier return, only 39% feel the market is more stable compared to three years ago, with 38% viewing it as less stable or unstable. Although premium increases have persisted—with 64% reporting higher premiums—policyholders report improvements in claims processing speed and communications, driven by carriers' adoption of digital tools such as mobile apps and online claims portals. The survey highlights that 80% of claims were hurricane-related, prompting insurers to enhance operational efficiencies through streamlined claims processes and proactive, clear communication. Satisfaction rates are high, with 78% content with claims communication speed and clarity, and 39% noting faster-than-expected claim resolutions. Customer service reception remains positive, as 67% express satisfaction with their carriers' service efforts. Despite progress in claims handling and digital engagement, affordability remains a concern. Only a minority find it easier to secure affordable policies, reflecting a continued financial strain on homeowners. The divide is evident with nearly equal portions of respondents perceiving market conditions positively or negatively. Trust in insurers has increased for 43%, and 46% report improved communication, yet persistent premium hikes undermine confidence for many. The survey suggests that while operational measures and technology investments are driving efficiencies and better experiences, legislative reforms have yet to achieve significant premium relief for Florida homeowners. Industry stakeholders still face challenges in bolstering long-term market confidence, particularly in catastrophe-prone coastal regions. Digital innovations are critical to managing the surge in claims volume and complexity experienced post-disasters, enabling more transparent, timely updates and reducing customer anxiety during recovery phases. In conclusion, Florida's P&C insurance market shows signs of operational improvement and increased options for consumers. However, sustained premium affordability and market confidence remain key areas for ongoing industry and regulatory focus. Understanding this balance is essential for insurers, regulators, and policymakers navigating the state's evolving landscape of risk, coverage, and consumer expectations.