The R Street Institute has expressed its support for the continuation of Florida-style tort reform and increased transparency, considering these measures beneficial for insurance stakeholders and legal reform efforts. The announcement was made on the social media platform X.
Florida’s recent tort reforms have had a notable impact on the state’s insurance landscape. According to the R Street Institute, these reforms have addressed issues related to legal system abuse, benefiting both consumers and insurers. The Institute emphasizes that maintaining these reforms is crucial for continued stability in Florida’s insurance market.
The Florida Office of Insurance Regulation reported that the number of insurance-related lawsuits in the state peaked at 63,000 in 2021. Following the implementation of tort reforms, there was a 24% decrease in such lawsuits between the third quarter of 2023 and 2024. This decline indicates the effectiveness of the reforms in reducing litigation.
Senate Bill 888, introduced in 2025, aims to enhance transparency within the insurance industry. The bill requires residential property insurers to include rate transparency reports in their filings with the Office of Insurance Regulation. Additionally, it mandates the establishment of a comprehensive resource center on the office’s website to provide consumers with accessible information.
The R Street Institute is a nonprofit, nonpartisan public policy research organization based in Washington, D.C. Founded in 2012, it focuses on promoting free markets and limited, effective government. The Institute conducts research and outreach on various policy issues, including insurance reform, environmental policy, and criminal justice.
