APCIA Thanks Florida Legislature for Addressing Legal System Abuse During the 2023 Legislative Session

TALLAHASSEE, Florida, May 6 (TNSgov) -- The American Property Casualty Insurance Association issued the following news release on May 5, 2023:

The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its vice president of state government relations Logan McFaddin, regarding the end of the 2023 Florida Legislative Session.

"During the 2023 Florida Legislative Session, Governor Ron DeSantis, Senate President Kathleen Passidomo, House Speaker Paul Renner, and members of the Florida Legislature implemented historic reforms to address rampant legal system abuse, which has created a financial burden on Florida families and caused Florida's property insurance market to spiral.

"The recent legal system abuse reforms are expected to help stabilize the market and lower costs, but it will take time before consumers see relief. Insurers are working through the surge of lawsuits that billboard lawyers filed before the reforms went into effect, in addition to all the cases that were already pending. With so much litigation still pending, it could delay the anticipated positive impact of the recent legal system abuse reforms. APCIA encourages lawmakers to remain committed to the reforms and allow them time to work.

"Florida's property insurance market remains extremely challenging for consumers and insurers. Floridians pay some of the highest property insurance costs in the nation, and Florida residential property insurers experienced back-to-back net losses of more than $1 billion a year in each of the last three years, despite no storms making landfall in the state in 2020 or 2021, underscoring the costly impacts of legal system abuse. Additionally, insurers have reported nearly $14 billion in estimated and paid losses for Hurricane Ian-related claims in Florida. Another devastating hurricane this season could set the marketplace back again.

"While the market remains in a precarious position, Florida lawmakers and Governor DeSantis have shown tremendous leadership in addressing the property insurance crisis by enacting reforms that will help restore fairness to Florida's legal system, reduce the excessive number of frivolous lawsuits being filed, and ultimately benefit consumers by increasing the availability and affordability of insurance over time. APCIA thanks the governor and legislature for their hard work and their leadership on this important issue."

The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions--protecting families, communities, and businesses in the U.S. and across the globe.

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Original text here: https://www.apci.org/media/news-releases/release/75853/