Citizens announced late last week that October takeouts and policy assumptions by private insurers reduced its total policies to roughly 560,000 — a level last seen in spring 2021, before the state faced a litigation surge and multiple insurer failures increased Citizens’ exposure.

With this decline, Universal Property & Casualty Insurance and State Farm Florida Insurance now hold the largest share of the market. Universal reported 561,546 policies in Florida at the end of September, while State Farm had 646,429 policies as of the end of August, according to Florida regulatory data.

Citizens’ current policy count is about 40% lower than its peak of 1.3 million policies in September 2023, just before Florida lawmakers passed reforms limiting one-way attorney fees and discouraging excessive claims litigation. A smaller Citizens footprint indicates that more policyholders are returning to private insurers as premiums fall, showing that legislative changes and the state’s depopulation program are having an effect. Officials say these trends point to a stabilizing market.

A Citizens spokesperson described the numbers as “significant,” noting that about 199,000 policies were transferred through takeouts in October.

Takeout participation has increased in recent months. In the first half of the year, the Florida Office of Insurance Regulation (OIR) approved takeout offers for roughly 1.2 million Citizens policies, though only about 200,000 were accepted. This fall, nine insurers were approved for 368,947 takeouts, with more than half completed in October. The largest shares went to Slide Insurance and Manatee Insurance Exchange.

The trend coincides with broader signs of market improvement. Security First Insurance recently announced one of the largest statewide homeowners rate cuts in three years, while auto insurers are also lowering rates: State Farm reported a 10% average reduction in personal auto premiums in Florida, continuing a series of cuts throughout the year.

These developments underscore a strengthening Florida property insurance market, with Citizens shrinking and private carriers regaining ground.

“Pay your employees well and treat them even better.”

That’s the core principle behind Mackoul Risk Solutions, according to CEO Ed Mackoul. The Long Beach, New York–based insurance agency earned the 2025 Best Agencies to Work For Silver Award in the East region from Insurance Journal.

“Everything we do revolves around our employees,” Ed said. “Many businesses claim the client comes first, but our philosophy is simple: employees come first.”

A Workplace That Values Its People

Staff who nominated the agency describe a culture of respect and recognition.

“We feel appreciated every day,” one employee said. “It makes a huge difference to work for people who truly value you.”

Another employee highlighted the agency’s work-life balance and benefits: “Mackoul Risk Solutions is the best place to work because employees are treated exceptionally well. We’re recognized for our hard work, can work from home, and still enjoy team-building events.”

Growth Through Employee Focus

Ed attributes the agency’s growth to prioritizing employees.

“When I joined in 1995, it was a small family-run agency,” he said. “We’ve grown a lot since then, but our people-first approach hasn’t changed. We want our employees to succeed and be happy while doing so, which means supporting a healthy work-life balance.”

He believes flexibility is essential in today’s insurance market.

“Many agencies still don’t allow remote work,” Ed noted. “That’s a missed opportunity. We operate fully remotely but have office workstations available for those who want to come in. A hybrid model works well, too.”

Remote hiring has expanded the agency’s talent pool. “We’ve brought in great employees from out of state,” Ed said. “Some worry remote work weakens culture, but we’ve found ways to maintain it.”

Building Connections

Mackoul Risk Solutions invests in both in-person and virtual team-building activities.

“Last month, we went to a golf simulator for contests like longest drive and closest to the pin,” Ed said. “We shared drinks and snacks, had fun, and laughed a lot.”

While remote employees may not attend every event in person, the agency ensures everyone joins the annual holiday celebration.

“The company encourages us to get to know our coworkers on a deeper level,” one employee said. “It builds mutual respect and strengthens teamwork.”

Promoting Flexibility

Ed encourages other agency leaders to offer remote work options.

“Remote work benefits employees and, in the long run, benefits the employer,” he said. “It also opens up a wider pool of talent.”

Recognition That Counts

While the agency has received multiple awards, Ed said this one is especially meaningful.

“This award matters most because it reflects employee happiness,” he said. “That’s what makes it truly special.”

His advice to other leaders: “Always put your employees first. Pay them well, treat them even better, provide the tools to succeed, offer growth opportunities, and keep an open door so employees feel heard and valued.”

Northeast Insurance Co. has initiated a “winding-up” proceeding in Bermuda’s Supreme Court and concurrently filed for Chapter 15 bankruptcy in New York federal court, seeking recognition of the Bermuda liquidation process.

This bankruptcy filing comes eight years after Northeast ceased issuing new policies in December 2017 and began winding down its existing liabilities. However, the insurer now reports it cannot meet obligations tied to policies issued before that date.

By June 2025, Northeast was facing 30 child abuse lawsuits; that number climbed to 53 by August. The unexpected influx of claims caused the company’s loss reserves and loss expense provisions to nearly double—from $15.7 million to $29.1 million—an amount Northeast says it cannot cover.

The company’s board has determined that Northeast is insolvent both in terms of cash flow and balance sheet, and that it cannot raise enough funds to cover all anticipated CVA claim settlements.

Owned by five health-focused nonprofits connected to the UJA/Federation of Jewish Philanthropies of New York, Northeast is also affiliated through shared shareholders with FFH Insurance Co.

Established in 1975, Northeast was created to insure and reinsure medical malpractice, general liability, auto liability, directors and officers liability, and workers’ compensation policies for its shareholder hospitals, camps, nursing homes, and other UJA-affiliated nonprofits. From 2012 to 2015, it also reinsured FFH Insurance Co. for hospital professional and general liability, before terminating those contracts in 2017.

Hospitals insured by Northeast include Mount Sinai, Montefiore, Beth Israel, Maimonides, and Center Light Health System.

The New York Child Victims Act, passed in 2019, reopened the statute of limitations for survivors of child sexual abuse, allowing previously barred claims to be filed until the survivor turns 55. This law has triggered a wave of lawsuits against churches, schools, hospitals, municipalities, coaches, and other institutions, leading several Catholic dioceses to seek bankruptcy protection.

Lawmakers failed to reach an agreement to extend the program before the September 30 deadline, amid broader disputes over federal spending. Without reauthorization, NFIP is no longer able to issue new policies or renew existing ones. However, FEMA, which oversees the program, has confirmed that it will continue processing claims on active policies using existing funds.

Thousands of Home Sales Delayed

The real estate market is already feeling the impact. The National Association of Realtors (NAR) reports that approximately 1,300 home transactions each day—around 40,000 per month—are now being delayed due to the NFIP shutdown. In a letter to lawmakers, NAR urged Congress to pass a long-term reauthorization of the program, paired with critical reforms such as updated flood mapping, investment in mitigation, and modernized pricing models.

NAR research shows that NFIP plays a role in roughly half a million home sales every year.

Leaders Warn of Worsening Risk During Storm Season

In the days leading up to the expiration, insurance officials and state legislators pressed for immediate action. New York Assemblywoman Pamela Hunter, president of the National Conference of Insurance Legislators (NCOIL), warned that any gap in coverage during hurricane season could prove disastrous.

“A temporary fix is better than nothing, but we really need long-term solutions,” Hunter said. “Families, businesses, and entire communities are depending on this program for financial protection during disasters.”

Jimi Grande, senior VP of federal and political affairs at the National Association of Mutual Insurance Companies (NAMIC), said prior to the lapse that “allowing NFIP to expire now is dangerous and unnecessary.”

On October 1, NAMIC President and CEO Neil Alldredge reinforced those concerns, pointing out that hurricane season still has two months to go. “Each day without this coverage puts more Americans at needless risk of losing everything to flooding,” he said.

Alldredge also blamed the situation on years of flawed policy decisions, including outdated flood risk assessments and subsidies that encourage development in high-risk zones. “Homeowners who acted responsibly by purchasing flood insurance shouldn’t be penalized by government inaction,” he said.

Industry Presses for Immediate and Lasting Solutions

Other insurance industry voices echoed the call for reauthorization. Sam Whitfield, senior vice president of federal government relations at the American Property Casualty Insurance Association (APCIA), stressed that the program’s lapse affects not only insurance coverage, but also home financing. “Without NFIP, many mortgage closings cannot proceed, leaving buyers and sellers in limbo,” Whitfield said.

Lizzy Price of the Insurance Fairness Project tied the lapse to broader issues in the insurance market: “This gap in NFIP coverage only makes things worse for families already struggling with rising premiums and limited insurance options, especially as climate change accelerates risk.”

History of Stopgap Measures and Financial Strain

Since 2017, NFIP has been extended more than 30 times, largely through short-term fixes. The most recent extension came in March 2025, shortly after FEMA borrowed $2 billion from the U.S. Treasury to cover a wave of claims following Hurricanes Milton and Helene in 2024.

At that point, FEMA warned that the NFIP’s reserves had been drained by those storms. The Congressional Research Service reported that as of January 25, the program had just $615 million remaining to pay future claims.

A recently released Mortgage Monitor report by Intercontinental Exchange Inc. (ICE) reveals that the average annual insurance premium for a mortgaged single-family home in the United States now stands at approximately $2,370 — a significant 4.9% increase since the beginning of the year. The increase reflects a growing trend as insurers adjust to a rapidly shifting climate landscape, where extreme weather events have become more frequent, more intense, and more destructive.

Disaster-Prone States See Steepest Premium Hikes

While rising insurance costs are affecting homeowners across the country, certain regions are bearing the brunt. California, still reeling from devastating wildfires earlier this year, has seen some of the sharpest increases. In Los Angeles, where flames tore through neighborhoods and left widespread destruction in their wake, homeowners faced an average 9% rise in their insurance premiums during the first half of 2025. That translates to nearly a 20% jump since mid-2024, making it one of the steepest year-over-year increases nationwide.

Other states hit hard by climate disasters have experienced similar patterns. In both North Carolina and South Carolina, insurance premiums spiked after the catastrophic flooding caused by Hurricane Helene in late 2024. Damaged infrastructure, increased rebuilding costs, and repeated flood risks have made it more expensive — and more difficult — to secure home insurance in many coastal and inland communities across these states.

Insurers Retreat or Raise Prices in High-Risk Areas

With natural disasters becoming more frequent and more costly, the insurance industry is being forced to rethink its exposure to high-risk regions. Many insurers have begun to raise premiums sharply or withdraw from markets altogether, leaving homeowners with limited — and often more expensive — options for coverage.

Climate change is fundamentally altering how insurance companies assess risk. In the past, extreme weather events were considered outliers; today, they’re part of a new normal. As a result, insurers are not only recalculating premiums but also imposing stricter eligibility criteria, denying coverage in some areas entirely, and shifting more of the financial burden onto policyholders.

Ironically, despite the recent fire-related losses, California still ranks among the states with the lowest average homeowners insurance premiums. This is largely due to long-standing state regulations and consumer protections that have historically kept costs low. However, industry experts warn that this may not be sustainable if wildfires continue to grow in scale and frequency.

The South and Midwest Bear the Heaviest Burden

In contrast, states vulnerable to hurricanes, severe storms, and hail — especially across the South and Midwest — are seeing the highest insurance costs in the nation. These weather events have long posed significant risks to homes and infrastructure, but as storm seasons intensify and losses mount, insurers are passing those costs directly onto consumers.

One of the most extreme examples is Florida, a state that has struggled for years with an unstable property insurance market. While many residents have relied on Citizens Property Insurance Corporation, a state-run “insurer of last resort,” recent legislative efforts have sought to reduce the state’s exposure by encouraging the return of private insurers.

According to ICE’s report, those measures have begun to take effect. In Miami, the city with the highest average property insurance costs in the U.S., the share of homeowners relying on the state-backed Citizens plan has dropped sharply — from 46% to 27% over the past 18 months. While this may signal a recovering private market, it also means many Miami homeowners are now facing even higher premiums from commercial carriers.

A Growing Crisis with No Easy Solutions

The surge in property insurance costs underscores a broader crisis: the growing financial vulnerability of American homeowners in the face of climate change. As disasters like wildfires, hurricanes, and floods become more frequent and damaging, the cost of insuring property — or even finding insurance at all — is becoming a major concern.

Analysts warn that this trend is likely to accelerate unless major reforms are introduced, both in terms of climate mitigation and in how insurance markets operate. Without stronger disaster resilience measures, better land-use policies, and improved infrastructure to withstand extreme weather, homeowners will continue to face mounting risks and rising costs.

In the meantime, the insurance industry is sounding the alarm. With every passing season, more areas of the country are being designated as high-risk, and the traditional models for pricing and managing insurance are proving increasingly inadequate.

For now, American homeowners are paying the price, and many are left wondering whether insurance — once a routine part of homeownership — may soon become a luxury they can no longer afford.

Terms of the transactions were not disclosed.

Headquartered in Ann Arbor, Northstone combines local market expertise with a national platform offering property and casualty, high-net-worth personal lines, and employee benefits solutions. The newly acquired agencies will operate under the Northstone brand going forward.

“These are highly respected agencies with strong leadership and deep community roots,” said Michael Granger, CEO of Northstone. “Together, we’re creating a stronger, smarter network powered by shared values and cutting-edge technology.”

All employees from the acquired agencies will participate in Northstone’s Employee Purpose Plan, an equity incentive program designed to give team members ownership in the company’s future growth and success.

The Acquired Agencies Include:

Michigan

• Warrendale Insurance (Livonia) – Led by Barb Kunina; known for multiline P&C and niche markets.

• U.P. Insurance (Iron Mountain) – Headed by Todd Lysinger; specializes in commercial and health insurance.

• Entrust Insurance (St. Clair Shores) – Led by Dan LaLiberte; focuses on high-net-worth personal lines.

• Canopy Insurance Group (Birmingham) – Run by Janell Evans-Olsey and Joseph Simon; serves national commercial accounts.

Texas

• Infiniti Insurance Services (Spring) – Led by Hazel Moreno; focused on large commercial accounts.

• King Phillips Insurance (Houston) – Led by Troy White; serves middle-market commercial clients.

Louisiana

• Beasley Keith Insurance (Bossier City) – Led by Gail Rinchuso; focuses on middle-market commercial accounts.

• Safe Harbor Insurance (Bossier City) – Led by Ashlin Strother; serves high-net-worth personal clients.

The acquisitions support Northstone’s strategy of blending personal agency service with enterprise-scale resources. All teams will now have access to Lead Nexus, the firm’s AI-powered platform for client acquisition, predictive analytics, and partner enablement.

“These partnerships extend our reach while preserving the local expertise that clients trust,” Granger said. “We’re excited to welcome these teams into the Northstone family.”

In July, Insurance Commissioner Tim Temple issued an advisory letter to insurers outlining the new mandate. The disclosure requirement stems from House Bill 148, a measure that has drawn sharp debate for its aim to strengthen the commissioner’s authority to limit what are considered “excessive” insurance rates.

Under the provisions of HB 148, insurers must clearly present the prior year’s premium amount alongside the renewal premium, ensuring both figures appear prominently and in close proximity.

Commissioner Temple stated that he is currently working on formal regulations to implement the new rule. However, as the rulemaking process must follow legal timelines and in consideration of feedback and technical concerns from the insurance sector, insurers will be allowed a grace period to update their systems. Full compliance will be required by January 1, 2026.

HB 148 was among the more hotly contested insurance proposals during this year’s legislative session. Commissioner Temple and several industry stakeholders opposed the bill, which alters Louisiana’s rate filing standards by affirming that rates must not be “excessive, inadequate, or unfairly discriminatory”—regardless of whether the market is deemed competitive.

Temple previously told Insurance Journal that such provisions could significantly affect insurers’ willingness to operate in Louisiana. “This could be devastating to companies considering doing business here,” he said.

One key feature of the bill is that it empowers the insurance commissioner to reject rate hikes labeled “excessive,” even in situations where insurers argue the increases are backed by actuarial data.

Sponsored by Rep. Jeff Wiley (R-Maurepas) and supported by Governor Jeff Landry, the bill aims to give Louisiana’s insurance commissioner more oversight authority, similar to what’s already granted in states like Texas, Mississippi, Florida, Alabama, and South Carolina.

While supporters argue that the law enhances consumer protections and promotes transparency, Temple warned it may discourage insurers from participating in Louisiana’s market. “As a regulator, I still have to ensure insurers remain solvent by charging sufficient rates,” he said. “There’s concern that a commissioner might artificially suppress rates, which is not healthy for a sustainable insurance market.”

In addition to premium disclosures, HB 148 mandates that insurers inform policyholders or prospective customers of all available discounts on homeowner or auto policies. This information must be clearly presented in a font size of at least 12 points.

The legislation also opens most rate filings and supporting documentation to public access, unless such records are classified as confidential, proprietary, or trade secrets—a determination that will fall to the insurance commissioner.

The American Property Casualty Insurance Association (APCIA) has strongly opposed the bill, warning that it may worsen the state’s ongoing insurance affordability and availability challenges.

“HB 148 will politicize what should be an actuarially grounded, fact-driven process,” the association said in a statement. “By potentially allowing arbitrary rate suppression and exposing sensitive business data, Louisiana risks heading down the same unstable path as California.”

This storm is heartbreaking for many reasons, and for me, it’s personal. I’ve spent the majority of my life in and around the scenic Texas Hill Country, a region known for its unique beauty and charm. It’s no wonder so many Texans return year after year to enjoy its rivers, hills, and tranquility.

But it’s that same natural beauty—and proximity to water—that draws people to high-risk areas across the country. Whether it’s the rugged hills of Texas, California’s dramatic coastlines, Florida’s sparkling beaches, or the historic shores along the East Coast, people are drawn to live, work, and vacation in locations that are inherently vulnerable to catastrophe. This pattern isn’t going to change. Destruction will occur, and communities will continue to rebuild in high-risk areas—perpetuating the cycle of exposure.

According to the National Flood Insurance Program (NFIP), 99% of U.S. counties have experienced a flood event in the past two decades. Still, fewer than 7% of property owners nationwide carry flood insurance.

In Kerr County, Texas—the site of some of the most severe damage during this recent flood—fewer than 2% of residents have flood insurance.

We know that standard homeowners, renters, and many commercial property insurance policies exclude coverage for flood damage. We also know flood risk is widespread and growing. Yet, despite this knowledge, uptake of flood insurance remains strikingly low—and that likely won’t change anytime soon.

Insurance is just one layer of protection for property and life. Another crucial strategy is proactive risk management and mitigation. That includes stronger construction standards, improved building codes, and practical tools to help policyholders reduce their exposure. Think water detection devices, fire sensors to minimize electrical hazards, or even distributing basic weather radios in flood-prone areas. There’s also an opportunity for insurers to offer premium discounts or incentives to those who invest in risk-reducing measures themselves.

The Insurance Information Institute (Triple-I) reminds us that “risk” is simply another word for “peril”—something that could go wrong. And today, there is no more pressing peril than natural catastrophe risk.

So, what else can we do to prepare for the next major disaster? Is the insurance sector doing enough to support policyholders in managing catastrophic exposures? Because at the end of the day, it’s not just about having the right coverage—it’s about addressing the risk long before disaster strikes.

According to the complaint, GM allegedly equipped its vehicles with telematics systems that tracked a variety of data points such as speed, seatbelt usage, driving patterns, and even geographic location—often without the driver’s full knowledge.

The lawsuit claims GM partnered with third-party firms to establish “telematics exchanges”—massive databases where the collected data was stored and used to generate personalized driving scores. These scores reportedly included identifiable details for millions of GM drivers and were based on factors the automaker deemed risky, including nighttime driving, seatbelt compliance, aggressive braking or acceleration, sharp cornering, and speeding above 80 mph.

Per the lawsuit, GM directed these third parties to make the telematics databases accessible to insurance companies. In turn, those insurers allegedly used the data to make coverage decisions—raising premiums, canceling existing policies, or denying new coverage altogether.

Related: Lawsuit Alleges OnStar and LexisNexis Shared Driver Info with Insurers, Leading to Rate Hikes

The Nebraska Attorney General asserts that more than 16 million GM drivers may have had their data accessed by insurers without adequate consent. Hilgers criticized the automaker for misleading customers about how their data would be used.

“Nebraskans have a right to transparency when they engage with businesses,” Hilgers said. “GM failed to be honest about how driver information would be used, and our office will not hesitate to hold powerful corporations accountable when they betray consumer trust.”

The legal filing also claims GM misled buyers during the vehicle purchase process by downplaying the extent of OnStar’s data tracking capabilities. In many cases, customers were allegedly led to believe OnStar enrollment was required for essential safety features.

Dealerships were reportedly encouraged to enroll new owners in OnStar without fully disclosing how the service worked—or in some cases, without obtaining any consent at all.

Nebraska’s lawsuit seeks financial penalties and compensation for affected residents across the state.

Andrew Liskowitz, once a top-tier college athlete with Olympic dreams, says various cannabis retailers sold him defective and unsafe hemp products without proper warnings — and a New Jersey judge agrees, at least for now.

On July 8, Monmouth County Superior Court Judge Chad N. Cagan ruled that Liskowitz can amend his legal complaint, allowing his product liability claims to proceed under the New Jersey Products Liability Act (PLA). However, the judge dismissed his allegations under the New Jersey Consumer Fraud Act, saying those claims didn’t hold up.

What the Lawsuit Is About

Liskowitz is accusing several cannabis retailers of selling him dangerous hemp products, including vapes and edibles, that caused cannabis-induced psychosis — a serious condition that led him to attempt suicide by jumping off a bridge in October 2022.

The businesses named in the suit include:

• 732 Vape

• The Green Room

• Dynasty Smokes

• Lang’s Liquor

• Kali Bloom

• Galaxy Treats

• Apollo Sciences

• Xite Edibles

• Delta Technologies

Liskowitz claims these stores sold products that were defective and dangerously potent, and failed to warn about the mental health risks tied to cannabinoids. He says this lack of warning — especially regarding psychosis — contributed directly to his breakdown.

Retailers Push Back

The defendants argue they’re just sellers — not the manufacturers, designers, or marketers of these hemp items. Under the New Jersey PLA, they say, that gives them immunity from lawsuits like this one. They also claim the products were legal, labeled properly, and approved for sale by state agencies.

If there are issues with how these hemp products are regulated or labeled, the retailers argue, the blame should be aimed at the government agencies responsible for oversight — not small businesses simply stocking compliant goods.

From Olympic Hopeful to Mental Health Emergency

Liskowitz’s story is dramatic. The former Michigan shot put star is a three-time Big Ten champ, a six-time All-American, and once ranked in the top 25 worldwide. But in mid-2022, his life took a sudden turn.

He began using hemp-derived vapes and edibles from New Jersey stores, then moved to Louisiana in September to continue his pro training. He continued using similar products there. By late October, things spiraled. His roommates brought him to a Baton Rouge hospital where he was diagnosed with substance-induced psychosis and anxiety, reportedly tied to cannabis use.

After returning to New Jersey and en route to rehab, he became delusional — convinced the FBI was coming to arrest him. While crossing the Driscoll Bridge, he jumped out of a moving car and off the 135-foot-high bridge, attempting to take his own life. He survived the fall but suffered serious injuries and was later hospitalized for acute psychosis related to synthetic cannabinoids.

He’s no longer psychotic, but says he’s still recovering — physically and mentally.

Bigger Questions About Hemp-Derived THC

At the heart of this case is a growing debate over hemp-derived THC products, like delta-8 and similar cannabinoids. These are legal under the 2018 Farm Bill, which allowed hemp production and sale. However, critics — including Liskowitz — argue the law was never meant to legalize intoxicating cannabis in new forms.

Liskowitz claims that cannabis shops are exploiting legal gray areas, selling high-potency, possibly impure hemp products without proper oversight. These products, he argues, can trigger Cannabis-Induced Psychosis (CIP) — a serious mental health event caused by THC exposure or contaminants, leading to hallucinations, delusions, and long-term brain damage.

His lawsuit says the only warnings on the product labels were generic — about pregnancy and not operating heavy machinery. No mention of mental health risks, hallucinations, or psychosis.

Legal Immunity or Legal Loophole?

The retailers maintain they were simply doing business by the book, selling state-compliant products. They argue that if anything’s broken, it’s the regulatory system — not their businesses.

They also suggest Liskowitz has a bigger issue with the cannabis industry as a whole and that his frustrations should be directed toward lawmakers and public health officials, not convenience store clerks.

What’s Next?

The case isn’t over. While the consumer fraud claims are out, the product liability suit moves forward, meaning cannabis retailers will need to defend their role in Liskowitz’s psychosis in court.

This lawsuit could have wide-reaching implications for how hemp-derived cannabis products are regulated — and how much legal responsibility retailers carry when things go wrong.

The newly approved degree program is the result of increasing interest in insurance-related careers and the growing demand for skilled professionals in risk management. The Nevada Board of Regents gave final approval for the program in June 2025, solidifying its place within UNLV’s academic offerings. The program will be administered through the Lee Business School’s Department of Finance and will provide students with a specialized curriculum tailored to the unique needs of the insurance industry.

Tuition-Free for First Cohort, Thanks to Major Donation

In a significant show of support, the Nevada Surplus Lines Foundation has contributed a generous $735,000 gift to cover tuition and related program costs for the program’s first cohort of 35 students. This financial support removes a major barrier to entry and ensures that students can fully focus on their academic and professional development.

Addressing Industry Needs Through Practical Learning

UNLV’s bachelor’s degree in insurance and risk management has been strategically designed to align with the demands of a rapidly evolving industry. In addition to covering essential theory, the curriculum will emphasize applied knowledge and hands-on experience. Key focus areas will include:

• Underwriting and Claims Management

• Insurance Company Operations

• Corporate Risk Assessment and Mitigation

• Regulatory Compliance

• Data Analytics in Risk Management

Students will benefit from a wide array of experiential learning opportunities designed to bridge classroom learning with real-world applications. These include:

• Industry Internships: Providing direct experience with insurance firms, regulatory agencies, and risk departments in various sectors.

• Case Competitions: Allowing students to apply problem-solving and analytical skills to simulated insurance scenarios.

• Guest Lectures and Speaker Panels: Featuring insights from industry leaders, executives, and risk professionals.

• Capstone Projects: Real-world consulting assignments with corporate partners in the insurance and financial services industries.

Built on a Strong Foundation

The degree builds upon the momentum of UNLV’s Kerestesi Center for Insurance & Risk Management, which was established in 2023 to foster academic excellence and professional collaboration in the field. The center serves as an academic and industry hub for research, innovation, and student engagement in insurance and risk-related topics.

A Timely Launch for a Growing Field

As the insurance sector becomes more complex and essential in today’s economy — from addressing climate-related risks to managing cybersecurity threats — trained professionals are in high demand. UNLV’s new program arrives at a critical time, offering students a direct path into an industry with long-term career prospects and a broad range of roles.

By combining rigorous academic instruction with hands-on learning and industry exposure, UNLV is positioning its students for success in one of the most vital sectors of the global economy.

The first-quarter 2025 figures offer a revealing comparison to the final quarter of 2022 — just before Florida lawmakers enacted major reforms to reduce excessive litigation in the insurance space. The data includes both personal and commercial residential lines, with personal residential policies spanning condos, mobile homes, renters’ insurance, and more.

Here are the key takeaways, based on analysis by Insurance Journal and longtime Florida insurance experts:

• The total number of policies in force rose to nearly 7.6 million — just a 4% increase since Q4 2022. For context, Florida’s population grew by about 3% in that time, while the number of housing units expanded by double digits, according to data from the U.S. Census and Federal Reserve.

• Direct written premium across the market climbed to approximately $23 billion — a 40% jump since the end of 2022.

• The average annual premium now stands at $3,023 — representing a 34% increase over Q4 2022. For comparison, inflation across all goods and services nationally was around 8% during the same period.

Among the 30 largest insurers by policy count, rate hikes varied widely:

• ASI Preferred Insurance posted the smallest increase at 2.5%.

• Olympus Insurance saw premiums rise by 53%, Heritage Property & Casualty by 65%, and Homesite Insurance by 80%.

While averages can be distorted by outliers and policy types, the raw OIR data highlights overall trends. For instance:

• American Traditions Insurance and American Strategic Insurance Corp. had among the lowest average premiums at $1,685 and $1,973, respectively.

• Olympus and TypTap Insurance showed averages near $5,600 annually.

Some insurers gained policyholders through takeouts from Citizens Property Insurance Corp. or by assuming policies left behind by failed carriers. Slide Insurance recorded the most significant growth — a 254% increase in policy count since 2022. Florida Peninsula Insurance followed with a 111% rise.

Citizens, the state-run insurer, reduced its policy load by more than 25% and saw its total written premium drop by around 13%. Over the same timeframe, Citizens implemented an 18% rate hike — the maximum allowed under state rules.

The database includes all personal lines policies but does not separate them by category. This explains why companies that focus on renters’ insurance — like American Bankers Insurance Company of Florida and American Modern Home Insurance — reported annual premiums below $205.

While insurance carriers have faced criticism from homeowners, lawmakers, and some federal officials for increasing rates, insurers from 2016 through 2023 largely attributed hikes to excessive litigation costs. Those issues were the focus of sweeping legislative reforms in 2022 and 2023.

Yet, according to Paul Handerhan, president of the Federal Association for Insurance Reform, other challenges persist.

“Even where policy counts have gone down, premium hikes are being driven by inflation in building replacement costs, reinsurance price increases, and the growing reinsurance capacity needed to protect against insolvency risks,” Handerhan said.

He added that the market is finally showing signs of stabilization. In May, AM Best reported that after nearly a decade of losses, Florida’s personal property insurance sector returned to underwriting profitability in 2024.

The complete Q1 2025 report is available via Excel on the OIR website. A separate database provides policy-level breakdowns by carrier and coverage type.

Previously known as Quarterly Supplemental Reports (QUASR), this data is now being collected monthly under new state requirements. Insurers must submit PMIR (Personal and Commercial Residential Monthly Reports) using form OIR-D0-1185, which requires ZIP code-level detail on:

• Total policies in force at month’s end

• Policy cancellations and nonrenewals

• Cancellations and nonrenewals due to hurricane risk

• New policies issued

• Structure exposure value under wind-included policies

• Policies excluding wind coverage

• Claims opened, closed, and pending

• Claims in alternative dispute resolution (ADR), including type of ADR used

These updates are part of Florida’s ongoing efforts to increase transparency and strengthen the state’s insurance system.