TALLAHASSEE, Fla. — Some positive signs may be emerging in Florida’s ongoing insurance crisis, according to some who are watching.
One of those signs is coming from the state’s Insurance Consumer Advocate.
"There are at least two insurance companies that recently submitted a request to the Office of Insurance Regulation to reduce their overall rates," Tasha Carter said.
Naming those companies, she said, is confidential, as the Office of Insurance Regulation begins to consider the request.
"They submitted those filings based on their projection that they will experience fewer claims, fewer claim expenses and fewer claims going to litigation," Carter said, referring to the litigation reforms passed over a year ago.
Republicans have been projecting the reforms would attract more companies and bring more competition, but the time frame has been anywhere between 18 months and five years by some estimates.
"It's going to take a while for competition to take effect and see rates come down," Florida State University professor Charles Nyce said.
One sign he sees is in the reinsurance market.
"Those rates have leveled off, they were rising and continued to rise through 2023, they have leveled off," Nyce said. "The expectation is they will come back down that may be some rate relief after the 2024 storm season."