FILE - Men walk past destroyed homes and debris as they survey damage to other properties, two days after the passage of Hurricane Ian, in Fort Myers Beach, Fla., on Sept. 30, 2022. Florida insurance companies made money last year for the first time in seven years, thanks to investment income and a mild hurricane season, according to an analysis conducted by S&P Global Market Intelligence. A group of around 50 insurers reported $147.
The group excluded state-backed Citizens Property Insurance Corp., which is the insurer of last resort for Florida homeowners unable to get a policy anywhere else. Citizens is Florida’s largest underwriter of home insurance policies, with 1.2 million policies at the end of last year. Florida has struggled to maintain stability in the state insurance market since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies in Florida.