Florida-based home insurers, which have 60 percent of the state's policies, reported a net income of nearly $78.7 million in the first quarter, up 40 percent from the first quarter of 2011, according to Florida Insurance Commissioner Kevin McCarty.

If the trend continues, will insurers "share the wealth" with consumers either by bolstering claims-paying reserves or by lowering some premiums?

Many will beef up their reserves, insurance experts say, but it's unclear whether they'll decrease rates based on a year or two of healthy profits. If the market improves in the long-term, that could spur competition among insurers for policies and help lower rates in years to come.

"The numbers often look good for an individual year – or years – without a hurricane...Good years help build the resources to handle the big losses," said Lynne McChristian, a spokeswoman for the Insurance Information Institute, an industry group.

Nationally, private U.S. property and casualty insurers’ net income after taxes for the first quarter rose nearly 30 percent to $10.1 billion from $7.8 billion in first-quarter 2011, according to a report Wednesday from ISO and the Property Casualty Insurers Association of America. The increase was largely due to lower costs for catastrophe claims.

The Florida-based insurers reported an underwriting gain, or when premiums outpace claims and other expenses, of $39.4 million, up 314 percent from $9.5 million last year, McCarty reported Tuesday at a Florida Cabinet meeting.

McCarty said there’s record interest in Florida this year from reinsurers, which sell catastrophe insurance to insurers. Up to 20 reinsurance companies in Bermuda and London want to increase how much catastrophe backup coverage they sell to Florida insurers.

Citizens Property Insurance President Barry Gilway also had some good news: the state-run insurer has downsized, shedding 80,288 policies representing $20 billion in risk so far this year.