Florida-based Insurers Turn First Underwriting Profit Since 2015

After nearly a decade of financial turbulence, Florida’s property insurance market is showing signs of stabilization. In 2024, the state’s personal property insurers reported a collective underwriting profit of $206.7 million — the first since 2015 — marking a significant turnaround for an industry that has faced years of losses due to hurricanes, litigation, and escalating costs.

This positive shift is largely attributed to legislative reforms enacted in 2022, which curtailed excessive litigation and attracted new insurers to the market. The resulting increase in competition and capacity has begun to moderate premium hikes, offering a more stable environment for homeowners and investors alike.

For the Miami real estate market, these developments are encouraging. Stabilizing insurance costs can enhance buyer confidence and affordability, potentially revitalizing demand in a market that has been challenged by high premiums. As the insurance landscape continues to improve, Miami’s real estate sector stands to benefit from increased activity and investment.

While challenges remain, including the ongoing risk of severe weather events, the recent profitability of Florida’s insurers suggests a more resilient market moving forward. This newfound stability could herald a period of growth and opportunity for Miami’s real estate industry.