Sunshine Sentinel

Katelyn Ferry, a partner at Cambo Ferry law firm, expressed her opposition to HB 1551, stating it would undo consumer protections established in Florida's 2022 insurance reform law. This statement was made during her testimony on April 4.

"The goal was to stabilize the insurance market, empower the OIR with more ability to review and punish bad insurers and reduce rates for consumers," said Ferry. "The positive changes brought about from the 2022 legislation will be erased. And despite the fact that I am an attorney and it hurts my practice, I'm a consumer first."

The James Madison Institute noted that Florida’s 2022 insurance reform law, passed during a special legislative session, aimed to address the state’s property insurance crisis by curbing litigation abuse, cracking down on fraudulent claims, and giving the Office of Insurance Regulation (OIR) more authority. The law also established the Florida Optional Reinsurance Assistance Program (FORA) to improve market stability. These reforms were widely supported by state leaders looking to reverse skyrocketing premiums and insurer insolvencies.

According to the Insurance Information Institute, Florida accounted for 79% of the nation’s homeowners insurance lawsuits despite making up only 9% of the country’s claims. This litigation environment had driven multiple insurers into insolvency, leading to higher premiums and a shrinking private market. By reducing frivolous lawsuits, lawmakers aimed to create a more sustainable insurance environment.

In early 2023, data from the Florida Office of Insurance Regulation showed some early signs of stabilization, with several insurers returning to the market and reinsurance prices slightly easing. However, consumer premiums remained high, and full cost reductions were expected to take time. Any rollback or weakening of the 2022 reforms could risk halting or reversing this fragile progress.

Ferry is a partner at and founding member of Cambo Ferry, PLLC. She has practiced exclusively in insurance defense litigation since 2014, focusing on first and third-party insurance coverage and defense. Ferry frequently advises on internal workflows, policy language submissions to the OIR, and claim handling templates. She has testified before the Florida legislature on issues such as one-way attorneys’ fees, bad-faith claims, and assignment of benefits (AOBs), regularly speaking at state and national conferences while authoring articles on insurance reform.