Commissioner Mike Yaworsky Highlights Rating Upgrades for Several Tax Bonds — Underscoring the Market is Stable
TALLAHASSEE, Fla.— Florida Insurance Commissioner Mike Yaworsky is affirming that Florida’s property insurance market is stable, as demonstrated by the recent rating upgrades for three Florida special tax bonds. Moody’s Ratings recently upgraded ratings for several Florida assessment-backed special tax bonds, including Florida’s Hurricane Catastrophe Fund, Citizen’s Property Insurance Corporation and the Florida Insurance Guaranty Association.
Insurance Commissioner Mike Yaworsky said, “These recent upgrades continue to show that Florida’s insurance market is maintaining stability. Even with Florida’s unpredictable weather, a major bond rating agency agrees that several of Florida’s tax bonds are strong and have ample capacity to cover claims.”
Moody’s ratings issued the following upgrades:
- To Aa2 from Aa3 for the State Board of Administration Finance Corporation, FL's assessment revenue bonds, issued on behalf of the Florida Hurricane Catastrophe Fund (FHCF);
- To Aa2 from A1 for the Citizens Property Insurance Corporation, FL Coastal Account assessment revenue bonds; and
- To Aa2 from A2 for Florida Insurance Assistance Interlocal Agency insurance assessment revenue bonds, issued on behalf of the Florida Insurance Guaranty Association (FIGA).
To view additional information about the rating disclosures, click here.
Florida’s property insurance market continues to experience stability. As of this month, the Office of Insurance Regulation has received 25 filings requesting rate decreases and 49 filings requesting a 0% rate change in 2024. The current 30-day average rate request for homeowners’ rates is 0.8%. One year ago, the 30-day average rate request was 7.03%. The current 180-day average request for homeowners’ rates 2024 is 1.3%. One year ago, the 180-day average rate request was 8.08%. The cost of reinsurance also continues to decrease for Florida carriers. This year, most companies paid less for reinsurance than they did in 2023. The average year-over-year risk-adjusted cost for 2024 was -0.7%, a large reduction from last year’s year-over-year increase of 27%.
OIR's market regulation units continuously monitor the conduct of insurers in the marketplace, enforcing Florida law through remediation and administrative action utilizing market conduct investigations and examinations. If an issue is found, OIR has the authority to take action either through an informal inquiry, investigation or examination. In response to Hurricane Helene and Milton, OIR issued EO 400385-24 and EO 400473-24 to protect policyholders. Floridians seeking assistance regarding cancellation or nonrenewal of policies should email copies of pertinent documents to OIR at HU-PCMR@FLOIR.com.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on X @FLOIR_comm.
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