Florida’s private home insurers turned a profit for the first time in seven years in 2023, according to an analysis by S&P Global Market Intelligence, despite the insurance crisis still unfolding in the state.
The experts’ report, issued this week, shows that the group of about 50 insurers operating in Florida made $147.3 million in net income last year, thanks to “a significant swing in investment income and much improved underwriting results.” In 2021 and 2022, the group reported net losses of more than $1 billion each year.
The turnaround for 2023 was due in part to heightened investment income, along with improved underwriting losses aided by no major hurricane losses in the state last year, said the report by S&P Global Market Intelligence.
The group analyzed does not include Florida’s insurer of last resort, Citizens Property Insurance Corp., which has drastically increased its number of policyholders in the past couple of years as many private insurers left the state or limited their offerings.
Source: Newsweek and Insurance Journal
Mortgage Rates
Drop Slightly
Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers. Additionally, encouraging data out on existing home sales reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.
