The market share for Florida domestic homeowners insurers could reach 50 percent in the state by year's end, according to the Florida Insurance Council, citing Office of Insurance Regulation (OIR) statistics.
A number of factors, including new startup companies in the state, and an effort by the state to depopulate Citizens, the state-sponsored insurer of last resort, has helped lead to an increase in the homeowners market share for these domestic companies, according to Ed Domansky, OIR spokesman.
Since 2006, Mr. Domansky said, the OIR has licensed 24 domestics to write personal residential property insurance. Of those companies, he said eight are, or have been, approved as "take-out companies," making them eligible to write business that is depopulated from Citizens.
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