State Rep. Tiffany Esposito expressed her appreciation for Insurance Commissioner Mike Yaworsky's participation in the SWFL Inc. Insurance Summit 2024, held on July 16 in Fort Myers. In a post on X dated July 18, Esposito stated she values Yaworsky's update on improvements in Florida’s insurance market.
"Appreciate @FLOIR_comm joining us at the SWFL Inc. to update our community about the strides Florida is taking to improve our insurance market," said Esposito. "It will take time to feel the relief we're working toward but we are seeing important signs of improvement."
The summit featured several key speakers, including Esposito, who is also the CEO of SWFL Inc., Yaworsky, Chris Cibula of RTI Insurance Services, Brian Chapman of Chapman Insurance Group, and Blake Day of Day Adjusting and Consulting.
According to Business Observer, Yaworsky highlighted that legislative reforms implemented by the state legislature and Gov. Ron DeSantis over recent years have started to improve the state's insurance market. These reforms include limiting attorney fees from lawsuits and efforts to attract more insurance companies to Florida. Yaworsky noted these changes have resulted in fewer excessive lawsuits against insurance companies, a reduction in policies through Citizens Insurance—the state-run insurer of last resort—and several insurers filing for rate decreases. He added that it will take more time "for consumers to feel that turning of the aircraft carrier."
Yaworsky said in May that Florida’s insurance markets are showing signs of stabilization, according to a press release. He mentioned that insurance reforms led by DeSantis, the state legislature, and the Financial Services Commission have contributed to the first downward trend in rate filings in years. At least eight insurance companies filed rate decreases for 2024, while ten other companies filed 0% rate increases. Additionally, eight new companies were approved to write home insurance policies in Florida following these reforms.
According to the Office of Insurance Regulation (OIR), several other states such as Georgia and Louisiana are considering legislative tort reform measures inspired by Florida’s approach to improve their own insurance markets.
Esposito has represented Florida’s 77th district since 2022 and serves on multiple committees including Commerce, Education and Employment, and the Select Committee on Hurricane Resiliency and Recovery.