Almost exactly a year after lawmakers and Gov. Ron DeSantis approved major changes because of problems in Florida’s property-insurance system, Insurance Commissioner Michael Yaworsky said Thursday he sees signs the state has “stopped the bleeding.”
Yaworsky, speaking during a Florida Chamber of Commerce Insurance Summit in Orlando, pointed to issues such as additional insurance companies entering the market and policies moving from the state’s Citizens Property Insurance Corp. to private carriers.
“We seem to be entering a place of stability,” Yaworsky said. “I’m hopeful we’ll enter a place of sustainability.”
Read: Private Insurers OK’d For Florida-Backed Citizens Policies
Lawmakers met in a special legislative session in December 2022 and made changes aimed at such things as curbing lawsuits against insurers and shifting policies out of Citizens.
The changes came amid turmoil in the market, with insurers dropping customers and raising rates because of financial problems.
Citizens, which was created as an insurer of last resort, swelled to, by far, the largest property insurer in the state. Citizens remains the largest insurer, with about 1.266 million policies as of last week.
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