What is it about?

This paper provides a detailed review of the evolution of the Florida homeowners insurance market since hurricane Andrew. We review the forces which have acted on the market, the ramifications for Florida and beyond, compare to other coastal markets, and assess the current state of the market and prognosis.

Featured Image

Why is it important?

Thirty years ago, Hurricane Andrew was the impetus for dramatic change in the Florida homeowners insurance market. These impacts are not confined to Florida; they launched contemporary industry catastrophe modeling, and created and changed reinsurance markets. Since Andrew, various forces have acted on the Florida market, including regulators, legislators, governors, lawyers, contractors and yes, more hurricanes. Florida recently claimed the dubious honor of having the highest homeowners insurance premiums in the United States. With hurricane Ian still fresh on the minds of the entire nation, and certainly Floridians, this timely paper takes inventory of the forces, the changes, the current state of the market, and offers a peek around the corner to the potential future of the market.


The Florida homeowners insurance market is at a critical juncture. Key proof-point noted in our paper: Nationally, just 8% of homeowners insurance claims come from Florida, but more than 76% of related litigation comes from Florida. How Florida got here is a cautionary tale for other states; how Florida recovers could be an inspiring story. Given the deterioration in the condition of the market even since we started this paper, it seems a verdict is imminent. With the devastation caused by hurricane Ian, and what will likely be more company insolvencies as a result, this paper couldn’t be more timely and relevant.

Gabriel Carrillo
Florida State University

Read the Original

This page is a summary of: The 30th anniversary of hurricane Andrew: Evolution of the Florida homeowners insurance market, Risk Management and Insurance Review, September 2022, Wiley,
DOI: 10.1111/rmir.12222.
You can read the full text:



The following have contributed to this page