Mike Yaworsky, Florida’s insurance commissioner, announced that the state’s insurance market is expanding due to tort reform. He emphasized that the approval of Apex Star Reciprocal Exchange underscores the importance of maintaining current policies rather than altering them.
“The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted,” said Yaworsky. “We must continue on this path and not turn the clock backwards. I am pleased to approve Apex Star Reciprocal Exchange as our latest property insurer to provide coverage in our great state.”
According to Yaworsky, Apex Star Reciprocal Exchange is the 12th property and casualty insurer to enter Florida’s market following recent legislative reforms. He attributed this growth to historic reforms and urged continued adherence to these policies. Homeowners insurance costs fell by 0.7% in late 2024, with nearly 100 residential rate filings requesting either decreases or no increases. A report from S&P Global indicated that Florida had the lowest average homeowners rate increase nationwide last year. The Office of Insurance Regulation continues to welcome new insurer applications to further bolster the market.
In an April 16 op-ed, Brewster Bevis, CEO of the Associated Industries of Florida, expressed concerns over efforts in the Florida Legislature to roll back tort reforms. He argued that these changes could reverse progress in lowering insurance rates and curbing abusive litigation. Prior to reforms passed in 2022 and 2023, Bevis said Florida faced frivolous lawsuits and inflated damage claims, which increased consumer costs. He warned that new proposals might benefit personal injury lawyers at Floridians’ expense.
Florida state Representatives Hillary Cassel and Paula Stark are advancing HB 1551, which would establish a “loser pays” standard for attorney’s fees in insurance lawsuits. The bill passed the House Insurance & Banking Subcommittee with a 15-1 vote; Representative Mike Caruso was the lone dissenter. Caruso argued that this measure could raise consumer costs instead of lowering premiums, referencing Governor Ron DeSantis’ statement about earlier reforms stabilizing the market.
The Insurance Information Institute (Triple-I) released a report indicating stabilization in Florida’s property and casualty insurance market due to recent legislative reforms aimed at reducing legal system abuse and fraudulent claims. Litigation related to claims has significantly decreased, homeowners insurance premiums have leveled off, and more than 40% of insurers requested rate decreases in 2024. The state has experienced an influx of new insurers entering the market while Citizens Property Insurance Corp., Florida’s insurer of last resort, reduced its policy count by nearly 40%, thus lowering taxpayer risk.
Michael Yaworsky was appointed as Florida’s insurance commissioner in March 2023 by Governor Ron DeSantis and the Financial Services Commission. Previously, he served as vice chairman of the Florida Gaming Control Commission and as chief of staff for the Florida Office of Insurance Regulation from 2017 to 2021.
