The Insurance Information Institute (Triple-I) recently published a brief suggesting an upward trend in Florida’s property insurance market. This potential improvement comes after years of rampant legal system abuse and claims fraud.

In a press release from Triple-I, it was noted that legislative reforms passed in 2022 and 2023 have laid the groundwork for a more stable market in Florida. The brief highlights several positive developments, including the ongoing reduction of policyholders in Citizens Property Insurance Corp. Citizens Property Insurance, the state-backed insurer of last resort, had emerged as Florida’s largest home insurer due to the risk crisis.

The press release further stated that another encouraging sign is the approval of eight new property insurers by state regulators who are set to enter the market this year. “Property insurers want to do business in a state like Florida which is growing, and there is now some hope that this could eventually happen more and more. However, it is important Florida’s public policymakers ensure the reform that is helping the market recover is not eroded by the billboard lawyers,” said Triple-I CEO Sean Kevelighan.