State Farm is becoming a good neighbor to Florida again. The company regained its position as the state’s largest private market insurer — and No. 2 insurer overall — during the first quarter of the year, supplanting longtime No. 2 Universal Property & Casualty Corp., according to an analysis of marketshare data produced by the state Office of Insurance Regulation.
State Farm increased its number of personal residential policies from 558,604 in the third quarter of 2022 to 588,005 in the first quarter of 2023, the data shows. That’s an increase of 29,401 — or 5.3%. Universal Property & Casualty, meanwhile, lost 44,775 policies — or 7.0% — during that time and reported 584,954 policies in the first quarter of 2023.
State Farm wasn’t always lagging behind other carriers. When Hurricane Andrew caused $25.5 billion in damages and 625,000 claims in 1992, State Farm was the state’s largest carrier. The storm’s devastation caused 20 companies to pull out of the state. Eight companies went out of business, according to published reports at the time. And State Farm announced it would no longer write policies for new customers in Florida.
In the wake of Hurricane Andrew, Lawmakers reacted by forming Citizens Property Insurance Corp. to serve as the insurer of last resort for Florida homeowners who could not otherwise find affordable coverage. State Farm, meanwhile, remained Florida’s top insurer until it was overtaken by Citizens in the years after a succession of costly storms hit the state in 2004-2005. In 2013 State Farm fell to the #3 insurer in Florida.
State Farms move to regain the share of polices being issued and its commitment to stay, is a positive sign amid continued bad news about Florida’s insurance market. Perhaps their actions will inspire more companies to expand their presence in the state giving consumers more options at significantly reduced costs.
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