Florida lawmakers are facing pressure from business leaders, insurance executives, and state regulators to maintain recent “tort reforms” in the upcoming March session to allow the fragile market more time to recover. These reforms have led to a decline in insurance-related litigation and a decrease in premium increases.
At the Florida Chamber 2024 Insurance Summit in Orlando, experts presented figures showing a significant drop in insurance-related lawsuits and a stabilization of premium rates. Despite challenges such as major storms, new insurance companies have entered the Florida market, helping to reduce risk for state-run Citizens Property Insurance.
Senate Banking and Insurance Chair Blaise Ingoglia emphasized the importance of ensuring fair treatment for insurance customers and strengthening resiliency programs. Lawmakers are also looking at reforming civil litigation financing, with proposed legislation to require disclosure of litigation financing to the court and opponents.
Despite the positive changes in the insurance market and calls to maintain the current reforms, there are challenges ahead. Sen. Jay Collins and Rep. Tom Fabricio are facing opposition to their proposed legislation on civil litigation financing, as critics warn that it could give corporations and wealthy defendants an unfair advantage.
Lawmakers are set to convene on March 4, with a focus on protecting consumers, promoting fair insurance practices, and stabilizing the market. The insurance industry is hopeful that the current reforms will continue to lead to positive outcomes for Florida residents.
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