Florida Market Report Q3 2025: Growth and Improved Underwriting Mark a Year of Recovery
Read the Florida Market Report
Howden Re has released its Q3 2025 Florida Market Report, highlighting a sector steadily regaining balance following several challenging years, with policyholder surplus rising sharply and underwriting results strengthening. Analysing statutory financial results filed with S&P Global for Florida Property Specialists and National/Regional carriers, the Q3 data demonstrates meaningful year-on-year gains in premium growth, surplus levels and combined ratios.
“What we are seeing in the Q3 results is not just a rebound, but the re-establishment of a healthier market architecture in Florida,” said David Unsworth, Managing Director and Southeast segment lead, North American Reinsurance, Howden Re. “A year-to-date increase of 10.4% for Florida Property Specialists and 21.0% for the National and Regional carriers is not simply the result of rate actions. Rather, it signals a recalibration of exposure, risk selection, and capital deployment that is far more disciplined than what we witnessed 18 to 24 months ago.”
Surplus growth stands out as the clearest measure of the market’s strengthening position. Total policyholder surplus for the full group increased 40% between Q3 2024 and Q3 2025, including a 36% rise for Florida Property Specialists and a 52% increase for National/Regional carriers.
“Such a substantial restoration of surplus reflects a foundation that is far more robust than in recent years,” said Brian O’Neill, Managing Director, Howden Re. “As carriers plan for the coming cycle, the focus will be on ensuring this improved capital strength translates into durable, long-term stability for the Florida market.”
Underwriting performance also strengthened. The full group’s median net combined ratio improved 7% year-to-date and by approximately 20% in Q3 year-on-year. Florida Property Specialists reported a 68% net combined ratio in Q3 2025, while National/Regional carriers reported 65%.
These indicators together show a market benefiting from improved operating conditions in 2025. As carriers look to the year ahead, the report points to stronger balance sheets and a more favourable underwriting environment, providing a clearer path for decision-making.