WEST PALM BEACH, Fla. — WPTV hasn't stopped covering the latest news on Florida's insurance coverage collapse.
This week, we found out the state's insurance companies are achieving some sizable profits.
WATCH BELOW: Florida insurers post profits for first time in 8 years, report says
According to ratings firm AM Best, 45 insurers posted combined profits of $207 million last year compared to a loss of $174 million in 2023.
The report said this was the first time in eight years that insurers showed profitability — a turnaround driven by reforms, new competition and years of rising premiums.
"The one thing we've been saying for years now is the Florida insurance crisis is primarily about insurance companies making money and crying poverty," Doug Quinn of the American Policyholder Association told WPTV this week.
Quinn spoke with us after documents filed with the Securities and Exchange Commission showed that Slide Insurance's CEO earned more than $21 million last year.
Another Florida-based insurer, Heritage, has seen its income double this year from a year ago and its stock price jump over 60%.
All this profitability would seem to indicate stability, but WPTV still hears from homeowners suffering from insurance increases.
Florida is currently second in the country with an average home insurance premium of $5,400 for a $300,000 home, according to a recent Bankrate report. In West Palm Beach, that figure is about $8,300 a year.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
