The James Madison Institute announced in a post on X that an analysis by The Perryman Group found Florida’s 2023 tort reforms have reduced property and casualty insurance costs by about 14.5% compared with what they would have been without the changes.
In the post, the institute said the reforms helped rebalance the civil justice system, curb excessive litigation and encourage more insurers to enter the Florida market.
Since the reforms took effect, additional insurers have entered or returned to the state, while policies held by Citizens Property Insurance have declined to their lowest level in 14 years. A statewide average premium reduction of 8.7% for Citizens policyholders is scheduled for spring 2026, with more than 330,000 customers expected to see lower rates.
The Perryman Group estimated the reforms generate more than $4.2 billion in annual gross product statewide and support thousands of jobs. The analysis also projects an additional $206.6 million in state revenue and $155.3 million for local governments, attributing the gains to lower costs and a more stable legal environment that has expanded competition and consumer choice.
Founded in 1987, the James Madison Institute is a Florida-based free-market think tank that focuses on state economic and regulatory policy.
