Florida Reforms Stabilizing Insurance Markets

TALLAHASSEE, Fla., March 04, 2026 (GLOBE NEWSWIRE) -- During National Consumer Protection Week, the Personal Insurance Federation of Florida (PIFF) is highlighting signs of stability in Florida's property and auto insurance markets — as well as the journey from crisis to course correction — through its resource hub: PIFF.net/MarketPulse.

"States across the country are watching Florida," said Michael Carlson, president of PIFF. "The reforms are working. We must protect them, watch for emerging schemes and be ready to close the next loophole before it becomes a crisis so the markets can continue moving toward long-term health and stability for consumers. We hope the Market Pulse will be a tool for policymakers, media, and stakeholders — in our own state and beyond — to explore the latest market data as well as the history of Florida's road to reforms."

Providing added context and data for reporters and policymakers, PIFF has collected research and created infographics and timelines documenting Florida's property insurance reforms and the state's path from crisis toward recovery.

Florida's property insurance market — one of the most complex in the world — has long been shaped by hurricanes, tornadoes, floods, outdated legal frameworks and years of third-party litigation abuse that pushed the system toward crisis. Skyrocketing lawsuits, rising premiums and insurer insolvencies strained consumers and the state's economy for more than a decade.

Florida lawmakers began taking steps to address insurance challenges in 2019. However, new loopholes allowed abusive litigation to continue growing. In 2022, the Legislature and Gov. Ron DeSantis enacted comprehensive legal reforms aimed at addressing the root causes of the property insurance crisis. In 2023, further reforms were enacted to address litigation abuse in the auto market. Because insurance claims and litigation take time to resolve, the impacts of those reforms are now beginning to appear in market data.

As legislative reforms begin to reverse past trends, the 2026 Legislative Session continues, and lawmakers are holding firm on protecting the reforms that stabilize the market.

"The success of Florida's tort reforms is becoming constant," Florida Office of Insurance Regulation Commissioner Mike Yaworsky said. "We are seeing daily confirmations that the legislative reforms were the right thing to do. We must continue the course and amplify results for consumers."

The PIFF Market Pulse includes additional background materials such as a property insurance reform timeline, myth-versus-fact resources, infographics explaining how rates are set and how hurricane claims are processed, and links to Florida Office of Insurance Regulation market data.

Recent highlights included in the Market Pulse:

17 new property and casualty insurers have been approved to enter Florida's market following the reforms.Property insurance rate filings are trending downward, indicating stabilization.Citizens Property Insurance policies dropped to 336,410, a 50% reduction from the prior year and the lowest level in 14 years.Lawsuits against insurers fell 25% in 2025 compared with 2024.

Because of the reforms passed in 2023, Florida auto insurance rates are declining, with major insurers reducing rates between 8% and 15%. Florida's five largest auto insurance groups are reporting average rate changes of –6.5%, with some as high as –11.5%.

PIFF members State Farm Mutual Automobile Insurance Company and GEICO announced additional good news over this past week. State Farm Mutual announced the company is paying $5 billion cash back to auto customers through a dividend, in addition to recent auto insurance rate reductions in many states already saving customers $4.6 billion annually. GEICO announced it will further reduce auto insurance rates for Florida drivers, citing continued stabilization in the state's insurance market following legal system reforms enacted in 2023.

Independent economic research also points to broader impacts of reform. The Perryman Group found property and casualty insurance costs have declined about 14%, generating an estimated $4.2 billion in increased business activity and nearly 30,000 new jobs in Florida.

PIFF said continued vigilance remains essential as the market stabilizes.

"This is PIFF's 15th legislative session," Carlson said. "We've watched Florida's property insurance market travel from chaos and collapse toward stabilization and recovery. For years, the state played whack-a-mole with piecemeal fixes. SB 2A, passed in 2022, was different — a comprehensive approach directed at the root of the problem that's showing results. And HB 837, which passed in 2023, included important law changes that have improved conditions in the auto market. But success is no guarantee of safety. Bad actors adapt quickly, and even one rollback of core reforms could reopen the floodgates. In the most complex property insurance market in the world, vigilance isn't optional."

To explore resources, visit PIFF.net/MarketPulse.

About PIFF:

The Personal Insurance Federation of Florida, Inc. (PIFF), is a leading voice for the personal lines property and casualty insurance industry in Florida. PIFF represents national insurance carriers and their subsidiaries, including many of the state's top writers of private passenger auto and homeowners multiperil insurance. Together, PIFF members support and represent more than $23 billion in homeowner and private passenger written premium in the state. PIFF advocates for a healthy and competitive insurance marketplace for the benefit of Florida consumers. Follow us @PIFFNews. Visit PIFF.net to learn more.

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Florida Reforms Stabilizing Insurance Markets

Michael Carlson Personal Insurance Federation of Florida (850) 597-7425 michael.carlson@piff.net