DeSantis: Progressive will refund $1 billion to customers

Photo courtesy of iStock

MIAMI – Florida Gov. DeSantis announced that Progressive will refund nearly $1 billion to Florida auto policyholders, as part of the state's effort to bring down the cost of insurance for Floridians.

DeSantis said Progressive customers may receive a check in the amount of $300.

"Florida's insurance market is stabilizing with decreasing auto and home insurance rates, and frivolous litigation is declining," DeSantis said in a press release. "This year, Florida's top five auto insurers are averaging over a 6% rate reduction, and we've secured nearly $1 billion in credits for Progressive auto policyholders – and the other carriers are expected to follow suit soon. Also, 17 new companies have entered the homeowners' market, 33 companies have filed for rate decreases, and reinsurance market rates have declined."

DeSantis said since the passage of historic reforms, Florida's property insurance market has experienced record growth and stability.

Seventeen new insurance companies have entered the marketplace, bringing with them more than $574 million in policyholder surplus to support expansion in Florida's property sector.

Today, more than 7.61 million residential insurance policies are in force across the state, making Florida one of the largest property markets in the nation.

Domestic property insurers reported $954 million in net income at the end of 2024—up from $292 million in 2023 and reversing a $741 million loss in 2022.