Structural Insulated Panels or SIPs have actually been around for quite a long time, but don't get heavy use compared to concrete block here in Florida. Probably one of the reasons is due to the use of OSB and plywood as the interior and exterior panels. Even though SIPs provide a much higher insulation value, or "R" value, than block or even insulated stud walls, no one likes materials that rot.
Recently, I have found newer versions of SIPs that are now using materials that do not rot, burn or promote the growth of mold. The material that I am talking about here is Magnesium Oxide Board or MGO. In the construction world the panel is known as MGO SIP.
In addition to high "R" values, SIPs have great structural integrity and most manufacturers make panels that meet Miami/Dade Code requirements.
For more information on SIPs and the history of this building product go to this link:
http://innovaecobuildingsystem.com/about-us-2/history-of-sips-panels/