For decades, homeowners insurance was considered a very stable line of business for insurance companies, said Chuck Nyce, a professor of risk management and insurance at Florida State University. The US homeowners insurance industry saw net losses jump to $101.29 billion in 2023, according to the report. Only two of the 20 largest US homeowners’ insurance companies were profitable last year. Kaylee Greenlee Beal/ReutersWhile property insurance is not mandated by law, most lenders require it for mortgage holders. Last year, Florida’s state-backed Citizens Property Insurance Corp. became the 10th largest homeowners’ insurer in the US, S&P Global said.

---

Persons: it’s, aren’t, Chuck Nyce, Nyce, Mario Tama, ”, Lynne McChristian, policyholders, Greenlee Beal, Aris Papadopoulos Organizations: CNN, P Global, Florida State University, Volunteers, P, University of Illinois, Property Insurance Corp, Florida Locations: States, Arizona , Illinois, Utah, Lahaina , Hawaii, Hawaii, Urbana, Champaign, Florida, California, Louisiana, North Carolina, Texas, Houston, Florida’s