Commissioner Mike Yaworsky Highlights Continued Auto Insurance Market Strength and Reinsurance Confidence in Florida

TALLAHASSEE, Fla.—Florida Insurance Commissioner Mike Yaworsky is highlighting continued strength within Florida’s auto insurance market, including secured savings and significant rate reductions from multiple auto insurers. Global reinsurers are also exclaiming confidence in Florida’s market and commending the state’s historic legal reforms. Commissioner Yaworsky recently joined Governor Ron DeSantis on a business development mission with global reinsurers to provide updates on Florida’s market and strengthen economic ties.

“The momentum of growth and stability in Florida’s auto and property market is very strong. Ongoing discussions with top auto insurers have resulted in several OIR approvals of rate reductions and rebates for policyholders. Florida also recently received praise from global reinsurers about our legal reforms.” said Commissioner Mike Yaworsky. “Anyone suggesting or seeking to repeal our historic legal reforms should be embarrassed. We are seeing really good news for consumers—so let the reforms play out.”

“It is obvious that Florida’s historic reforms are working. Insurance companies are announcing insurance rate reductions while at the same time providing rebates back to their customers,” said Chief Financial Officer Blaise Ingoglia. “The data is undeniable and the evidence is clear. The strength of Florida’s insurance market is a direct result of the reforms we put in place. As CFO, I am firmly committed to keeping these reforms in place and ensuring that policyholders continue to benefit in the future.”

OIR continues to meet with top auto insurers and discuss lower costs for consumers. OIR recently announced Florida’s top five auto writer insurance groups indicated an average -6.5% rate change—amounting to 78% of Florida’s auto market. Since this announcement, State Farm and AAA have reported significant rate reductions and Progressive is recording nearly $1 billion in credits to policyholders. OIR has approved multiple rate filing reductions from State Farm, with the most recent decrease request being 10% for drivers. This is State Farm’s third rate reduction since 2024, reducing more than 20% in total and amounting to over $1 billion in savings statewide. OIR has also approved three separate rate decreases for AAA over the past year, resulting in lower auto premiums by 15%. Last month, AAA filed a fourth round of rate reductions for auto policies that will take effect in January 2026. Commissioner Yaworsky will continue to bring auto insurance companies to the table to remind them of their statutory obligations to return excess profits to policyholders.

While at a recent roundtable discussing Florida’s stable insurance market and the success of tort reforms, many reinsurers commended Florida’s strong consumer protecting legal reforms and inquired how to duplicate these efforts in other states. Florida’s legislative reforms have encouraged investment by insurers and reinsurers by providing clarity to the market. Gallagher Re, a global reinsurance brokerage and risk advisory firm, also recently touted Florida’s tort reform: “Florida’s property insurance market is experiencing a significant resurgence, driven largely by recent tort reforms that have restored confidence among carriers, reinsurers, and capital providers.”