Florida Insurance Commissioner Michael Jaworski (pictured) expressed strong support for Governor Ron DeSantis’ 2024-25 budget titled “Focusing on Florida’s Future,” highlighting its benefits to the state’s insurance sector.

“Governor DeSantis’ budget strengthens the ability of the Florida Office of Insurance Regulatory (OIR) to protect consumers and strengthen a marketplace where insurance products are reliable, available and affordable for Floridians,” Jaworski emphasized, referring to the budget that allocates more than $237 million. To promote residential mitigation programs in Florida.

He continued, “OIR is a national leader in identifying market trends and taking bold action because we collect more data about our insurance market than any other state or regulatory entity.”

“Expanding our research and data collection capabilities will allow us to better understand the factors impacting our market so we can make data-driven decisions to ensure Floridians benefit from a stable and competitive insurance market. I thank Governor DeSantis for his leadership and continued commitment to Florida policyholders.”

Read more: Florida Commissioner Jaworski sees ‘recovery and stability’

Budget items also include $1.1 million to enhance OIR data collection related to the state’s property insurance market and $675,000 to contract with independent experts in reinsurance and mitigation research to improve OIR review processes and recommend new tools to mitigate the effects of hurricanes on properties.

Meanwhile, $500,000 will be allocated to study the impact of significant improvement periods on community rating system deductibles and insurance rates; $475,000 to hire a reinsurance expert to analyze reinsurance cycles and their impact on property insurance rates; And $200,000 to identify other mitigation measures that provide discounts on homeowners’ insurance premiums.

Additionally, the budget provides a $6 million increase for Florida International University to enhance the Florida Public Hurricane Loss Model. The upgrade aims to improve geographic assessments and include risks that were not previously considered.

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