Tim Cerio, President, CEO, and Executive Director of Citizens Property Insurance Corporation, has suggested that Florida’s property insurance market is strong and well on the path to recovery, largely due to legislative reforms enacted in 2022.
According to Cerio, the firm continues to benefit from improving market conditions driven by recent legislative reforms. He noted that new private insurers are entering the Florida market, existing companies are expanding, and rates are beginning to stabilise.
“As a result, Citizens is returning to its role as Florida’s insurer of last resort, which reduces the risk of assessments for all Florida insurance consumers,” Cerio said.
He continued, “It is simply irrefutable that reforms championed by the Governor and passed by the Legislature have had a tremendous impact on improving this market. The data bears this out.”
Cerio highlighted a range of key statistics illustrating the market’s recovery, noting that since 2024, six of the 10 national insurers operating in the state have expanded their book of business, with four of them filing for rate decreases.
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In total, at least 27 private carriers have filed for rate reductions since 2024, while 41 companies have requested no rate increase.
Meanwhile, Florida recorded the lowest rate increase in the nation in 2024, with a statewide average of just 1%.
At the same time, Citizens’ policy count as of June 20, 2025, reportedly stood at 777,592, which is down 36% from a year earlier and 44.9% below its peak of 1.41 million policies in October 2023. Citizens said that historically, its policy count declines as market conditions improve.
The firm’s total exposure has also dropped by 43% over the past year, from $520.1 billion to $295.1 billion.
Since January 2024, 677,920 Citizens policies have been transferred to private insurers approved by the Office of Insurance Regulation through the Citizens Depopulation Program.
In addition, litigation has declined significantly, with Citizens’ litigation rate falling from 18.6% in 2018 to 10.6% in 2024, and pending lawsuits dropped from 20,958 in 2022 to 12,622 as of June 2025.
Earlier this week, we reported that Citizens successfully placed its target risk transfer programme of $4.49 billion for the 2025 wind season, which was dominated by insurance-linked securities (ILS) and collateralised reinsurers.
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