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, resulting from price financial savings achieved by means of litigation reform.
DeSantis, who signed sweeping tort reform laws payments into legislation in 2022 and 2023, stated 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 a number of of us,” DeSantis stated. “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 prospects.
Mark Friedlander, Triple-I’s director of communications, informed Spectrum Information Florida that diminished lawsuit bills has enabled auto insurers to decrease common prices and, in some circumstances, return premium to prospects.
“While 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 buyer,” Friedlander stated. “The patron 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 Householders Premium Progress Slows as Reforms Take Maintain, Inflation Cools
