Florida property insurers’ lawsuit costs hit fresh high at $3.5B last year

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Florida property insurance carriers nearly broke even last year for the first time since 2016 in a much-needed course correction for the market, despite litigation expenses rising to a new high of $3.46 billion.

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The Florida Office of Insurance Regulation’s latest market stability report shows that insurers collectively had about $100 million in net underwriting losses in 2023. While still in the red, last year’s performance is a major improvement from roughly $1.2 billion in losses in 2022.

Defense and cost containment expenses, or costs associated with defending and managing a claim, increased 17% from $2.96 billion in 2022 to roughly $3 billion in 2021, the report shows.

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