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Florida surplus lines market grows as premiums fall
Through June 30, surplus lines carriers wrote 982,627 policies, up 15% year over year, while premium fell nearly 6% and average price per policy dropped almost 18%.
Florida's surplus lines insurance market is expanding rapidly while becoming cheaper, driven by money returning to the state after a sharp contraction tied to hurricane losses and a wave of property lawsuits, according to Insurance Business.
The outlet reports that the state saw nine insurer insolvencies between 2021 and 2023, and reinsurers raised prices and pulled capacity. Florida later enacted legal reforms that curbed litigation, after which new carriers, outside investors, and reinsurance capital moved back in.
Data cited by Insurance Business shows how that turnaround is playing out, with surplus lines carriers writing 982,627 policies through June 30, up 15% from a year earlier, while premium fell almost 6% and average price per policy dropped nearly 18%. A broker at Amwins said the renewed competition created an oversupply dynamic that is naturally pushing rates down.
Insurance Business also highlights that commercial property is the fastest-growing segment, representing more than $3.3 billion in premium across roughly 193,000 policies through June 30, and that policy counts nearly doubled since early 2025, from about 24,800 to 45,500. The outlet attributes the concentration in the excess and surplus market to the flexibility E&S carriers have to structure coverage and pricing for complex risks, compared with the more standardized admitted market.