Florida’s 2023 torts rewrite is delivering as promised, according to a new analysis being touted by insurers.
The Perryman Group’s new report, highlighted by the American Property Casualty Insurance Association, dives into the impacts of major legislation enacted in recent years, including 2023 legislation (HB 837) that made sweeping changes to how lawsuits are filed, litigated and settled in Florida.
According to the analysis, the law — hailed as a once-in-a-generation “tort reform” package by supporters — has rebalanced Florida’s civil justice system by reducing excessive litigation costs and, by extension, lowering insurance costs for the average Floridian.
Perryman estimates that property and casualty insurance costs in Florida are roughly 14.5% lower than they would have been absent the changes. Lower costs and a more stable legal environment have also contributed to more insurers entering or returning to the Florida market, expanding competition and consumer choice.
The economic ripple effects are substantial. The report estimates the reforms generate more than $4.2 billion in annual gross product statewide and support thousands of jobs. The impacts on the treasury are also significant, with the law producing an estimated $206.6 million in additional state revenues and $155.3 million for local governments.
“Florida’s tort reforms are achieving exactly what policymakers intended — bringing balance to the civil justice system, reducing excessive costs, and strengthening the state’s economic foundation,” said Stef Zielezienski, APCIA’s Executive Vice President and Chief Legal Officer.
“The Perryman analysis confirms that these reforms are driving down insurance costs for consumers and businesses, encouraging insurers to return to the market, and generating billions in economic activity that benefits every corner of the state.”
