Governor Ron DeSantis introduced that Florida drivers will quickly obtain practically $1 billion in auto insurance coverage refunds, because the state’s insurance coverage market continues to indicate indicators of stability and reform-driven enchancment. The refunds will probably be issued by Progressive Insurance coverage, which cited Florida’s 2023 tort and insurance coverage reforms because the driving power behind decrease loss prices and stronger profitability.
Joined by Insurance coverage Commissioner Michael Yaworsky, DeSantis highlighted how the state’s sweeping insurance coverage reforms have diminished litigation, attracted new insurers, and lowered charges for each auto and owners’ insurance policies. “Florida’s insurance coverage market is stabilizing with lowering auto and residential insurance coverage charges, and frivolous litigation is declining,” DeSantis stated. “This 12 months, Florida’s high 5 auto insurers are averaging greater than a 6% fee discount, and Progressive’s $1 billion credit score is simply the beginning.”
Auto Insurance coverage Refunds and Market Good points
In accordance with state regulators, Progressive recorded a $950 million policyholder credit score expense in September, representing earnings earned over three years ending in December 2025. About 2.7 million Florida policyholders are anticipated to obtain credit, with different main insurers more likely to comply with swimsuit.
Commissioner Yaworsky praised the progress, noting that Florida’s high 5 auto insurers—which make up 78% of the state’s market—are seeing a mean fee lower of 6.5% in 2025. “OIR is working intently with corporations to make sure these credit are correctly issued to policyholders,” Yaworsky stated. “We’re watching intently, and firms should act in the perfect monetary curiosity of Florida shoppers.”
Chief Monetary Officer Blaise Ingoglia added that the reforms are paying off for drivers. “It’s a superb day when insurance coverage corporations are sending checks to policyholders as a substitute of the opposite manner round,” Ingoglia stated. “Because of the governor and legislature, Florida’s market is turning into fairer and stronger.”
Householders Additionally Seeing Aid
Householders are additionally benefiting from the reforms. Since early 2024, the Workplace of Insurance coverage Regulation (OIR) has obtained greater than 150 filings for fee decreases or zero p.c will increase, with 33 corporations requesting reductions and 46 sustaining secure charges. Florida Peninsula Insurance coverage Firm just lately filed for its largest fee lower in firm historical past—a mean of 8.4% statewide and 12% for condominium house owners.
Information from S&P World and the Insurance coverage Info Institute present that Florida recorded the nation’s lowest common home-owner fee improve in 2024—only one p.c—whereas 33 different states noticed double-digit hikes. Reinsurance prices have additionally continued to say no, reflecting improved confidence within the state’s insurance coverage surroundings.
Litigation Drops and Personal Market Progress
State officers credited the reforms with lowering insurance-related lawsuits by 23% from 2023 to 2024, with a further 25% decline in property declare litigation in the course of the first half of 2025. Residents Property Insurance coverage Company—the state’s insurer of final resort—has shed greater than 690,000 insurance policies since 2024 as non-public corporations re-enter the market. Seventeen new insurers have launched operations in Florida, bringing over $574 million in new policyholder surplus.
Home property insurers reported $954 million in internet earnings on the finish of 2024, up from $292 million in 2023 and a pointy reversal from a $741 million loss in 2022. “These numbers present the reforms are working,” DeSantis stated. “Florida’s market is extra secure, aggressive, and consumer-focused than it’s been in years.”
My Secure Florida Residence Growth
DeSantis additionally introduced continued funding for the My Secure Florida Residence program by way of 2026, which gives grants and free wind mitigation inspections to assist owners strengthen their properties and decrease premiums. Since its relaunch in 2022, this system has offered $383 million in grants, averaging $900 in premium financial savings per home-owner.
With fewer lawsuits, extra competitors, and refund checks on the way in which, Florida officers say the state’s insurance coverage overhaul has turned a nook. “We’re proving that good reforms can ship actual outcomes,” DeSantis stated. “That is what accountability and consumer-first insurance policies seem like in motion.”
