Governor Ron DeSantis announced that Florida drivers will soon receive nearly $1 billion in auto insurance refunds, as the state’s insurance market continues to show signs of stability and reform-driven improvement. The refunds will be issued by Progressive Insurance, which cited Florida’s 2023 tort and insurance reforms as the driving force behind lower loss costs and stronger profitability.
Joined by Insurance Commissioner Michael Yaworsky, DeSantis highlighted how the state’s sweeping insurance reforms have reduced litigation, attracted new insurers, and lowered rates for both auto and homeowners’ policies. “Florida’s insurance market is stabilizing with decreasing auto and home insurance rates, and frivolous litigation is declining,” DeSantis said. “This year, Florida’s top five auto insurers are averaging more than a 6% rate reduction, and Progressive’s $1 billion credit is just the start.”
Auto Insurance Refunds and Market Gains
According to state regulators, Progressive recorded a $950 million policyholder credit expense in September, representing profits earned over three years ending in December 2025. About 2.7 million Florida policyholders are expected to receive credits, with other major insurers likely to follow suit.
Commissioner Yaworsky praised the progress, noting that Florida’s top five auto insurers—which make up 78% of the state’s market—are seeing an average rate decrease of 6.5% in 2025. “OIR is working closely with companies to ensure these credits are properly issued to policyholders,” Yaworsky said. “We are watching closely, and companies must act in the best financial interest of Florida consumers.”
Chief Financial Officer Blaise Ingoglia added that the reforms are paying off for drivers. “It’s a good day when insurance companies are sending checks to policyholders instead of the other way around,” Ingoglia said. “Thanks to the governor and legislature, Florida’s market is becoming fairer and stronger.”
Homeowners Also Seeing Relief
Homeowners are also benefiting from the reforms. Since early 2024, the Office of Insurance Regulation (OIR) has received more than 150 filings for rate decreases or zero percent increases, with 33 companies requesting reductions and 46 maintaining stable rates. Florida Peninsula Insurance Company recently filed for its largest rate decrease in company history—an average of 8.4% statewide and 12% for condominium owners.
Data from S&P Global and the Insurance Information Institute show that Florida recorded the nation’s lowest average homeowner rate increase in 2024—just one percent—while 33 other states saw double-digit hikes. Reinsurance costs have also continued to decline, reflecting improved confidence in the state’s insurance environment.
Litigation Drops and Private Market Growth
State officials credited the reforms with reducing insurance-related lawsuits by 23% from 2023 to 2024, with an additional 25% decline in property claim litigation during the first half of 2025. Citizens Property Insurance Corporation—the state’s insurer of last resort—has shed more than 690,000 policies since 2024 as private companies re-enter the market. Seventeen new insurers have launched operations in Florida, bringing over $574 million in new policyholder surplus.
Domestic property insurers reported $954 million in net income at the end of 2024, up from $292 million in 2023 and a sharp reversal from a $741 million loss in 2022. “These numbers show the reforms are working,” DeSantis said. “Florida’s market is more stable, competitive, and consumer-focused than it’s been in years.”
My Safe Florida Home Expansion
DeSantis also announced continued funding for the My Safe Florida Home program through 2026, which offers grants and free wind mitigation inspections to help homeowners strengthen their properties and lower premiums. Since its relaunch in 2022, the program has provided $383 million in grants, averaging $900 in premium savings per homeowner.
With fewer lawsuits, more competition, and refund checks on the way, Florida officials say the state’s insurance overhaul has turned a corner. “We’re proving that smart reforms can deliver real results,” DeSantis said. “This is what accountability and consumer-first policies look like in action.”
