Mario Nawfal, Founder of IBC Group, said that Florida’s 2023 tort reforms have attracted new insurers, expanded coverage, and slowed insurance rate increases in ways that could serve as a model for national efforts to reduce costs. The statement was made on X.
“Even worse, FAIR’s sitting on just $700M in cash to cover potential disaster claims,” said Nawfal. “Meanwhile in Florida, after Gov. DeSantis’s tort reforms, 9 new insurers have entered the market, 60% of top carriers are expanding, and 40% are actually cutting rates. Monthly rate hike requests plummeted from 14% to just 1.2%.”
Florida House Bill 837, enacted in March 2023, introduced several changes including shortening the statute of limitations, shifting from pure to modified comparative negligence, limiting one-way attorney fees, and curtailing “phantom” damages in civil actions. Supporters argue these measures target lawsuit abuse and stabilize insurance markets. According to commentary by the R Street Institute, Florida’s reforms are now considered a national model by the law-and-insurance community.
Since the implementation of Florida’s 2023 reforms, the Florida Office of Insurance Regulation reported that 17 new insurers have entered the homeowners market and 33 companies have filed for rate decreases. The state’s top five auto insurers indicated an average rate reduction of about –6.5% for 2025, down from +4.3% in 2024 and +31.7% in 2023. This information comes from a February 2025 Governor’s press release.
A July 2024 analysis by the Casualty Actuarial Society highlighted that Florida’s tort reforms have led to a more than 40% drop in property-insurance litigation. Homeowners’ insurance rates statewide fell on average by 5.6% following the reforms, even though the state previously accounted for only 8% of claims but represented 76% of national homeowners lawsuits.
Nawfal is a Lebanese-Australian entrepreneur and media figure who founded IBC Group Official in 2017 and hosts large live events on X focused on Web3, startup investing, geopolitics, and regulatory commentary; his earlier ventures include appliance brands and NFT-technology firms.
