JMI RELEASES NEW POLICY BRIEF ON INSURANCE REFORM

TALLAHASSEE, Florida, Dec. 15 -- The James Madison Institute issued the following news release:

After many years of modest reforms that merely managed the decline of the state's property insurance market, the Florida Legislature finally took bold action a year ago that attacks the root causes of what is currently the most significant crisis to impact Florida residents. As positive as these developments are, however, they have not addressed the most pressing issue for most consumers: rate relief.

The James Madison Institute (JMI) has released a new report entitled "Hold the Line: Florida's Insurance Reforms and the Path Ahead" by JMI senior Fellow Christian Camara encouraging lawmakers to resist any pressure to dilute any of the reforms that are already having a positive impact less than a year after they were enacted.

"Florida policymakers made great progress in the past year to address the challenges faced in our property insurance market - challenges that have festered for 20 years. Like any major reform, redirecting our insurance market to a better trajectory will not happen overnight. Insurance markets need time to respond favorably to reforms, and our litigation environment needs time to cycle through the thousands of lawsuits filed prior to the 2023 reforms being signed into law. We urge our policymakers to stay the course in their efforts ahead." - Sal Nuzzo, Senior Vice President, The James Madison Institute

"Property insurance in Florida is about geography, weather, and litigation. We can't control the first two of those. We can influence our litigation environment. While thanks are absolutely owed to policymakers and the Governor for the aggressive reforms over the past year, translating those reforms into premium relief will unfortunately take time. Insurance is risk mitigation, and the flood of lawsuits filed in advance of the reforms of 2023 have to wind their way through the system before the market can adjust in ways consumers see. We hope policymakers hold the line on the efforts and improvements they made in 2023." - Christian Camara, Senior Fellow, The James Madison Institute

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The James Madison Institute is a 501(c)3 organization dedicated to the ideals of limited government, economic freedom, federalism and individual liberty coupled with individual responsibility. The institute conducts research on such issues as criminal justice, health care, taxes and regulatory environments.

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REPORT: https://jamesmadison.org/wp-content/uploads/PolicyBrief_Insurance_Dec2023-v05-print.pdf

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Original text here: https://jamesmadison.org/jmi-releases-new-policy-brief-on-insurance-reform/