Jeff Brandes, president of the Florida Policy Project, said that the state's insurance market stabilized following the enactment of tort reform and cautioned that reversing these reforms would be detrimental.
The Cambo Ferry Law Firm has publicly opposed House Bill 1551, asserting that the proposed legislation could reverse recent reforms and destabilize Florida's property insurance market.
Michael Yaworsky, Florida's insurance commissioner, said that a rate reduction indicates growing market stability, with litigation down 30%, demonstrating that reforms are effective.
Ron DeSantis, governor of Florida, announced that recent tort reforms have led to increased competition in the insurance market, resulting in a 4.1% reduction in auto insurance rates statewide and a 5.6% decrease in homeowners' rates.