Commissioner of FLOIR: Florida insurance marker growth is due to 'historic legislative reforms'

The Florida Office of Insurance Regulation (FLOIR) has announced the approval of its 12th new insurer following legislative reforms aimed at stabilizing and expanding the state's insurance market. This development was confirmed by Shiloh Elliott, press secretary for FLOIR, in a recent press release.

"The continued growth in Florida's insurance market is due in large part to the historic legislative reforms we have enacted. We must continue on this path and not turn the clock backwards," said Michael Yaworsky, Commissioner. "I am pleased to approve Apex Star Reciprocal Exchange as our latest property insurer to provide coverage in our great state."

Florida's property and casualty insurance market underwent significant reforms in 2023 and 2024 to address challenges such as rising premiums, rampant litigation, and insurer insolvencies. According to Carrier Management, these changes included eliminating one-way attorney fees, curtailing assignment of benefits abuses, and strengthening the Florida Hurricane Catastrophe Fund to stabilize the reinsurance market. The Insurance Information Institute reports that these reforms are showing early success, with new insurers entering the market and rate hikes slowing.

Following these reforms, more than ten new property and casualty insurers have been approved to enter Florida's market. A January 2025 press release by FLOIR states that these newly licensed companies collectively hold over $297 million in policyholder surplus, which is a critical metric of financial health and claim-paying capacity. This influx of capital aims to enhance competition and market stability after years of insurer exits and increasing rates.

Homeowners insurance rates in the U.S. rose sharply in 2024, with a national average premium increase of 10.4%. An analysis by S&P Global Market Intelligence reported by Barron's indicates that Florida had the smallest rate hike at just 1%, attributed partly to recent insurance market reforms. In contrast, Nebraska experienced the highest average increase at 22.7%, followed by significant hikes in Montana, Iowa, and Minnesota.

Michael Yaworsky has served as Florida’s Insurance Commissioner since March 2023, overseeing key insurance market reforms' implementation. His official biography on FLOIR's website notes his previous roles as OIR Chief of Staff and Vice Chairman of the Florida Gaming Control Commission. Yaworsky holds a law degree from Samford University’s Cumberland School of Law and a bachelor's degree in social science from Florida State University.

The Florida Office of Insurance Regulation is responsible for overseeing the solvency, market conduct, and rate setting of insurance companies within the state. According to its official website, OIR regulates nearly all lines of insurance except for health maintenance organizations (HMOs) and is led by an Insurance Commissioner appointed by the Florida Financial Services Commission. Established in 2003, FLOIR plays a crucial role in protecting policyholders through financial oversight and market regulation.