The Institutes announced on X that Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), discussed in a Rough Notes article how recent tort reform is beginning to restore confidence in Florida’s property insurance market.
According to Rough Notes magazine, Florida’s property insurance market has faced instability due to a surge in litigation and insurer withdrawals. The article explains that high rates of lawsuits led to increased premiums and made it difficult for homeowners to secure reliable coverage. Rough Notes states that the passage of tort reform legislation is considered a critical step toward rebalancing the market, providing renewed optimism for both industry stakeholders and policyholders.
The Insurance Information Institute reports that Florida historically accounted for nearly 80% of the nation’s property insurance lawsuits despite making up only 9% of total claims. Triple-I’s analysis indicates that since tort reform measures were implemented, the number of lawsuits has declined significantly, resulting in greater market stability. Kevelighan highlighted that this reduction in litigation is expected to contribute to moderating premium increases and restoring consumer confidence in Florida’s insurance market.
AM Best, a global credit rating agency for the insurance industry, reports that Florida’s tort reform has led to an improved financial outlook for property insurers operating in the state. The agency’s research notes that declining legal costs and enhanced claim predictability have encouraged more insurers to participate in the Florida market. AM Best projects that if tort reforms continue to be enforced, Florida’s insurance market will see further improvements in affordability and competition.
According to its official website, The Institutes is a nonprofit organization providing global leadership in risk management and insurance education, research, and professional development. Through its affiliates—including Triple-I—The Institutes offers analysis, industry data, and educational resources for insurance professionals. The organization’s mission centers on educating, elevating, and connecting the insurance and risk management community to advance knowledge and industry best practices.
