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Ray of Sunshine: Florida Insurers Show Quarterly Profit as Citizens Takeouts Rise

August 2, 2023

For the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P Global Market Intelligence.

Excluding Citizens Property Insurance Corp., Florida property insurers reported $38.6 million in profit in the first quarter of 2023. That compares to a loss of almost $120 million a year earlier.

Reporting periods may not include the same number of companies, as nine property and casualty insurers focused on Florida have become insolvent since 2021, while others have have entered the market.

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