April 2026 Reports $1.8B in Premium; HO-3 Dips Below $3,500 Average Cost Per Policy

The Florida surplus lines market reported $1.8B in premium and over 172K policies for April 2026. Year-over-year, premium decreased 8%, while policy count increased 19%. Over the same period, the average cost per policy declined 23%, reflecting continued shifts in both volume and pricing. 

NEW BUSINESS AND RENEWALS | April 2026 vs April 2025

Compared to April 2025, new business represented a 3 percentage point increase in its share of total policy count, reflecting a greater share of newly written policies as overall policy count continues to rise.  

Top 10 Lines of Business

Out of the top ten lines of business, only three coverages reported increases in premium, while all ten reported increases in policy count. This leads to a decreased average cost per policy across all top ten coverage lines. 

Commercial Property premium volume decreased by 15% compared to April 2025 from $884.2M to $755.3M, while policy count increased from 26K to 36K (39%). The average cost per policy declined 39% over the same period. While premium decreased year over year from 2025 to 2026, trend data since 2023 reflects a sustained softening in commercial property.

Homeowners-HO-3 reported YoY percent increases in both premium (from $64.5M to $73.8M) and policy count (from 12.5K to 21.3K) yielding 33% decrease for the average cost per policy for April 2026. The average cost per policy for a Florida HO-3 policy in April was reported below $3,500, continuing a steady decline since the 2023 homeowners reform and the removal of the diligent effort requirement.

The average cost for a Florida HO-3 policy in the surplus lines market has fallen below $3,500, marking a new low. After several months of pricing near $3,800, this reflects a continued decline in average cost alongside decreasing premium and increasing policy volume. It highlights how the surplus lines market continues to respond to homeowner needs and provide meaningful coverage options for Floridians.
– Mark Shealy, Executive Director, FSLSO

Commercial Umbrella Liability reported a 30% decrease in premium, an 84% increase in policy count, and a 62% decrease in average cost per policy compared to April 2025. Since 2023, premium has increased overall with periodic fluctuations, while policy count has trended upward and average cost per policy has declined.

Cyber Liability remained among the top ten coverages in 2025 and continues to hold a similar position in 2026. Compared to April 2025, premium decreased 47% (from $47.3M to $25.2M), while policy count increased 6% (from 2,482 to 2,635). The average cost per policy declined 50% over the same period. 

Top 10 Insurers

Similar to the top ten lines of coverage, four insurers reported increases in premium, while one reported a decrease in policy count compared to April of 2025. Insurer highlights include: 

MS Transverse Specialty Insurance Company reported the highest year-over-year policy count increase of 203% (2.3K to 6.9K). 

Axis Surplus Insurance Company reported both increases in premium and policy count when compared to April 2025. Premium increased from $37.6M to $44.1M (17%) and policy count increased 38% (524 to 725).

Scottsdale Insurance Company also reported both increases in premium and policy count when compared to April 2025. Premium increased by 3% ($27.5M to $28.4M) and policy count by 30% (4.2K to 5.5K). 

April 2026 Wrap-Up

The beginning of Q2 reflects a continued increase in overall policy count, with new business showing an uptick in volume over the prior year and average cost per policy continuing to decline. These trends reflect continued policy growth alongside lower average pricing across the market. 

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