Florida Approves Two New Property Insurers as Market Competition Grows

Florida has approved two new property and casualty insurers, Stand Insurance Exchange and Praxis Reciprocal Exchange, increasing the state's insurer count to 17 since legislative reforms aimed at stabilizing the market. These insurers contribute a combined policyholder surplus exceeding $574 million, bolstering Florida's property insurance sector.

Both Stand and Praxis plan to take over 25,000 policies each from Citizens Property Insurance Corporation by December, reflecting a significant decline in Citizens' policy count since 2023. Since early 2024, numerous homeowners insurance companies in Florida have either filed for rate decreases or maintained current rates, signaling increased market competition and rate stabilization.

The Florida Office of Insurance Regulation oversees these developments, ensuring compliance and timely application reviews, with ongoing efforts to promote market health and consumer protection.