By Jeff Dunsavage, Senior Analysis Analyst, Triple-I
Florida Gov. Ron DeSantis introduced final week that state regulators have secured almost $1 billion in premium refunds for Progressive auto insurance coverage policyholders within the state, as a consequence of value financial savings achieved via litigation reform.
DeSantis, who signed sweeping tort reform laws payments into regulation in 2022 and 2023, mentioned the refunds are a direct results of declining litigation bills in Florida’s auto insurance coverage market.
“Florida was actually thought-about a litigation hellhole by loads of of us,” DeSantis mentioned. “That contributed to shoppers having to bear extra prices with respect to auto insurance coverage.”
He pledged Insurance coverage Commissioner Mike Yaworksy is negotiating with different main auto carriers for comparable reimbursements to their clients.
Mark Friedlander, Triple-I’s director of communications, advised Spectrum Information Florida that decreased lawsuit bills has enabled auto insurers to decrease common prices and, in some instances, return premium to clients.
“Whenever you take that out of the equation — all of these abusive lawsuits — this brings down the bills, and that in flip will get handed alongside to the patron,” Friedlander mentioned. “The buyer wins with authorized system reform.”
Study Extra:
Litigation Reform Works: Florida Auto Insurance coverage Premium Charges Declining
Florida Senate Rejects Authorized-Reform Problem
What Florida’s Misguided Investigation Means for Georgia Tort Reform
Florida Payments Would Reverse Progress on Pricey Authorized System Abuse
Florida Reforms Bear Fruit as Premium Charges Stabilize
How Georgia May Study From Florida Reforms
Resilience Investments Paid Off in Florida Throughout Hurricane Milton
Florida Owners Premium Progress Slows as Reforms Take Maintain, Inflation Cools
