Coral Gables, June 20, 2022SL FINANCIAL is an actuarial consulting and advisory firm based in Miami, Florida. We offer complete actuarial solutions in both traditional (re)insurance and alternative risk financing industries.


Florida’s property insurance market is one of the most complex in the world. Following years of (AOB) abuses, the Florida Legislature concluded a Special Legislative Session specifically to address property insurance. The Legislature passed two bills – Senate Bill 2D and Senate Bill 4D – and Governor DeSantis signed each on May 26, 2022.


Both bills include changes that will impact you as a property insurance policyholder. Below is an overview of key changes. All changes are effective immediately.


Specific provisions to stabilize the market include: 

Pro-Consumer Measures

  • Provides $2 billion in reinsurance relief through the Reinsurance to Assist Policy (RAP) program to benefit policyholders over the next two years, which requires companies to file a supplemental rate filing once enrolled
  • Dedicate $150 million to the My Safe Florida Home Program, which provides grants to Florida homeowners for hurricane retrofitting (i.e., making homes safer and more resistant to hurricane damage)
  • Prohibits insurance companies from denying coverage based on the age of a roof that is less than 15 years old
  • Strengthening the Office of Insurance Regulation oversight of insurance companies to better detect and prevent insolvencies


Increases Insurance Claims Transparency

  • Prohibits insurance companies from denying claims without communicating sufficient reason
  • Provides consumers greater access to information during the claim adjustment process
  • Requires insurers to provide adjuster reports to policyholders in a timely manner


Anti-Fraud and Legal Reforms

  • Cracks down on predatory actors who file fraudulent roof claims reducing litigation costs which are passed onto Floridians
  • Limits the assignment of attorney’s fees to contractors in property insurance cases, disincentivize frivolous claims and further stabilizing premiums


Initial Market Reaction

Initial market reactions suggest that reform is perceived as inadequate. As an example and in an exclusive interview with Artemis, Joseph Petrelli, President and Co-Founder of rating agency and consultant Demotech, Inc. explained that the special session reforms passed by the Florida legislature last week are “inadequate”, when measured against what the state really needs to fix its property insurance marketplace.


Early indications from the Florida reinsurance 1/1 renewal also seem to suggest that reform had limited impact with 20-30% rate rise expected along with a quarter to a fifth of reinsurance limit not yet been censured, priced and finalize across the market on June 1, 2022.


For any question or media inquiry, please visit our website at www.sl-financial.com or contact our team at that ceo@sl-financial.com.




Achille Sime



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437 Bird Road
Coral Gables, FL 33146
    Achille Sime

    Fellow of the Institut des Actuaires France (FIAF)
    Fellow of the Society of Actuaries (FSA)
    Member of the American Academy of Actuaries (MAAA)
    Chartered Enterprise Risk Analyst (CERA)
    Affiliate of the Casualty Actuarial Society (AFFI CAS)