Floridians for Lawsuit Reform announced that the 2022–23 litigation reforms have stabilized Florida’s property insurance market. These changes have led to the addition of 14 new insurers, increased domestic carriers’ net income to $944 million in 2024, and lowered consumer costs.
Florida’s insurance industry had faced years of instability due to excessive lawsuits and assignment of benefits (AOB) abuse. According to Insurance Journal, reforms enacted in 2022 and 2023 aimed to reduce fraudulent claims and curb litigation costs, which had driven many insurers out of the state. The article reported that these reforms restored some stability to the market, encouraging new insurers to return and existing ones to regain financial footing.
According to the Tampa Bay Times, fourteen new residential insurance companies have entered Florida’s market since the passage of litigation reform. This reversal of the previous trend of insurer exits has increased competition and reduced dependence on Citizens Property Insurance Corporation, the state-run insurer of last resort. Regulators told the paper that the influx of companies demonstrates investor confidence that Florida’s market is becoming sustainable again after years of volatility.
The Florida Office of Insurance Regulation reported that Florida’s domestic carriers posted a $944 million net income in 2024, compared to a $741 million net loss in 2022. This dramatic reversal is seen as a clear sign that reforms to reduce litigation costs have improved insurers’ balance sheets. The agency noted that stronger financial performance will not only ensure solvency but also provide capacity for insurers to pass along savings to consumers through rate stability or cuts.
Floridians for Lawsuit Reform is a nonprofit advocacy organization focused on creating a fair and transparent legal system in Florida. According to its official website, the group educates the public about the costs of lawsuit abuse, promotes reform measures, and highlights economic outcomes when litigation is reduced. By emphasizing the insurance market’s stabilization, Floridians for Lawsuit Reform underscores its mission to show how litigation reform produces direct benefits for families, businesses, and communities across Florida.
