Florida Auto Insurance Rates Drop 6.5% Following Tort Reform

Florida has seen an average 6.5% reduction in car insurance rates among the state's five largest insurers, who represent 78% of the market. This decline is primarily linked to recent tort reforms enacted by the Florida legislature, which have made legal claims against insurers more difficult. The regulatory changes are expected to sustain this downward trend in auto insurance premiums, impacting market dynamics in Florida's insurance sector.