Florida Realtors has released findings from a Perryman Group analysis examining the effects of Florida’s 2022 and 2023 tort reforms on the state’s insurance market and economy.
The analysis found that property and casualty insurance costs in Florida are now 14.5 percent lower than they would have been without the recent tort reforms, preserving an estimated $4.2 billion in additional annual gross product activity and approximately 29,370 jobs statewide when accounting for multiplier effects. The resulting economic expansion generates about $206.6 million in additional state tax revenue and $155.3 million for local governments every year, according to the Perryman Group analysis as reported by Insurance Journal.
The legislative actions referenced include Senate Bill 2-A in 2022 and House Bill 837 in 2023, which modified civil lawsuit rules such as comparative fault assignment, shortened claim filing deadlines, and revised attorney fee standards. The Florida Realtors article reported a 25 percent reduction in frivolous lawsuits against property insurance companies in the first half of 2025 compared to 2024. Litigation filings fell to approximately 4,000 in November 2024 from earlier monthly averages of 8,000 in 2023, with multiple insurers reentering the Florida market according to Florida Realtors.
Nationally, excessive tort costs generate hundreds of billions of dollars in direct expenses for the United States economy each year. When dynamic multiplier impacts are included, these burdens produce large reductions in overall output and millions of forgone employment opportunities nationwide. Tort reform initiatives across various states contribute toward greater stability within insurance markets and help restrain premium escalation trends. Lower litigation volumes allow capital to support other productive purposes across multiple industries according to The Perryman Group.
Florida Realtors is the largest professional trade association in Florida, representing over 238,000 real estate professionals. The organization advocates for policies that support homeownership, protect property rights, and promote a stable real estate market. It provides education, resources, and legislative representation to its members through partnerships with local boards and associations according to Florida Realtors’ official website.
