Florida's beleaguered property insurance market gains new entrants

Florida’s beleaguered property insurance market gains new entrants | Insurance Business America

Insurance News

Florida’s beleaguered property insurance market gains new entrants

Companies have been vetted by state regulators, says Triple-I

Insurance News

By
Mika Pangilinan

Six new companies are set to enter Florida’s property insurance market, according to Mark Friedlander of the Insurance Information Institute (Triple-I).

In an interview with local news network WPTV, Friedlander said all six companies have been vetted by state regulators and are considered financially stable by rating agencies.

The new companies are Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange, and Condo Owners Reciprocal Insurance.

He also noted that some companies are still initiating their operations and that there is no definitive schedule for when they will start writing policies.

“We do have confirmation from some agents that Orange Insurance has opened for business,” Friedlander told WPTV. “They are writing policies and have started to appoint independent agents across the state.”

Overall, Friedlander said the entry of new companies is “very positive for the Florida insurance marketplace and consumers,” adding that they will “give homeowners a choice now on shopping for coverage.”

Florida’s troubled insurance market

Florida’s property insurance market has been suffering from a period of instability amid growing climate risk, rising litigation costs, and several insurer insolvencies. The tough market has made it difficult for homeowners to find affordable coverage, leading to increased pressure on Citizens, the state’s insurer of last resort.

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