Floridians for Lawsuit Reform has announced findings from a new analysis by ALIRT Insurance Research, indicating notable improvements in Florida’s property insurance market following reforms in 2022 and 2023. The analysis highlights stronger positions among carriers and the entry of new companies into the market.
According to Floridians for Lawsuit Reform, domestic carriers are showing improved solvency metrics and sustained underwriting after periods of instability. The report also points to renewed industry confidence, with 18 new or re-launched insurers entering the market, alongside continued depopulation efforts by Citizens Property Insurance Corporation.
A separate report from Gallagher Re noted that data from late 2024 revealed the first average homeowners rate decrease in two years, with 27 insurers filing for reductions since early 2024. These reforms have led to a significant reduction in property claims lawsuits in Florida, resulting in better loss ratios and increased profitability for insurers.
The Institute for Legal Reform reported that tort costs in America rose an average of 7.1 percent annually from 2016 to 2022, surpassing inflation at 3.4 percent per year. Reforms across various states aim to tackle these rising costs by reducing abusive lawsuits, leading to more stable premiums in national insurance markets where such reforms have been implemented.
Floridians for Lawsuit Reform is a 501(c)4 organization dedicated to promoting lawsuit reform within Florida. It seeks to raise awareness about legal system abuses affecting insurance rates and economic stability while supporting policies designed to reduce frivolous lawsuits and excessive attorney fees for the benefit of residents and businesses.
