New insurers flood Florida as competition heats up
Florida’s home insurance sector faces fresh competition as multiple carriers establish operations in the state. Universal Insurance Holdings chief executive Stephen Donaghy said many newcomers lack familiarity with local market complexities that his firm learned over 25 years.
The company posted $39.8 million in available net income for the third quarter, reversing a $16.2 million loss from the previous year. Net premiums climbed 4 percent to $359.7 million while the combined ratio improved by 20.5 points to reach 96.4 percent.
Donaghy said claim volumes dropped substantially after the state addressed widespread fraud in property insurance. The reduction has allowed faster claim processing and better portfolio quality across the business.
Insurance Commissioner Mike Yaworsky reported that 17 firms entered the property market after lawmakers passed reforms in 2022 and 2023 to curb claims abuse. Citizens Property Insurance holds the largest market share at 14.71 percent, followed by Universal at 8.03 percent.
