Can Florida’s shaky P&C market be saved? In the wake of the devastation wrought by hurricanes Helene and Milton in Florida—with Milton alone accounting for an estimated $55 billion in property damage—the sustainability of Florida’s property insurance market has again come into question.

One step forward, two steps back: In mid-September, before the back-to-back hurricanes hit, the Florida home insurance market was turning a profit for the first time in seven years, per Bankrate. During Q1, insurers in the state reported $266 million in net income profits and $160 million in net underwriting profits. New insurers entered the market, and incumbents seemed to signal it was on the mend.

• State Farm said it’s “encouraged by recent reforms and will continue collaborating with the Florida Legislature and the Office of Insurance Regulation.”