Protecting American Consumers Together (PACT) reports that Florida’s legal reforms, passed in 2023, are producing measurable results, with insurers returning to the state and insurance premiums declining for consumers.
The organization said the changes have increased competition among insurers and contributed to savings for policyholders, as Florida continues efforts to stabilize its insurance market following years of volatility.
According to data cited by the Insurance Information Institute, dozens of property and casualty insurers in Florida have filed for rate decreases since the reforms took effect. The group reported an average 14.5% reduction in property and casualty insurance costs compared to projections without the reforms.Â
It also noted that nearly 20 new property insurers have entered the Florida market, while existing carriers have expanded their presence, increasing private sector competition.
PACT also cited data from the Florida Office of Insurance Regulation showing that 42 auto insurers submitted rate decrease filings over the past year. Examples include Florida Farm Bureau, which reported an average decrease of 8.7%. The organization added that policies administered by Citizens Property Insurance Corp., the state-backed insurer of last resort, have declined to their lowest level in more than a decade, reflecting depopulation efforts and increased private market activity.
Protecting American Consumers Together is a 501(c)(4) national advocacy and educational organization based in Alexandria, Virginia. It focuses on promoting what it describes as a fair and transparent legal system that protects plaintiffs, victims, and consumers from practices that increase costs. The group conducts educational and advocacy efforts in support of civil justice policies across multiple states.
