Florida Insurance Commissioner Michael Yaworsky stated in a June 13 press release that the budget signed by Governor Ron DeSantis supports the Office of Insurance Regulation’s (OIR) priority of strengthening the state’s insurance market.
"Governor DeSantis' budget strengthens the Florida Office of Insurance Regulation's (OIR) ability to protect consumers and foster a market where insurance products are reliable, available, and affordable for Floridians," said Yaworsky. "OIR is a national leader in identifying market trends and taking bold action because we collect more data about our insurance market than any other state or regulatory entity. Expanding our research and data collection capabilities will allow us to better understand the factors impacting our market so that we can make data-driven decisions to ensure Floridians benefit from a stable and competitive insurance market. I thank Governor DeSantis for his leadership and ongoing commitment to Florida's policyholders."
According to the press release, the 2024-2025 Focus on Florida’s Future budget includes several provisions related to insurance. The budget allocates more than $237 million toward the state’s home mitigation programs, which include strengthening residences in anticipation of future extreme weather. Additionally, $1.1 million is allocated for OIR to enhance its data analysis and curation abilities for the state’s property insurance market. The budget also designates $675,000 for contracting independent experts to review Florida’s hurricane mitigation programs for homes and make recommendations. Furthermore, $475,000 is allocated for contracting reinsurance experts to evaluate the impact of reinsurance cycles on property insurance rates.
Florida Insurance Commissioner Michael Yaworsky (left) and Governor Ron DeSantis (right)
| naic.org, X/GovRonDeSantis
Yaworsky indicated in May that Florida’s insurance markets are showing signs of stabilization. He said insurance reforms spearheaded by DeSantis, the state legislature, and the Financial Services Commission have contributed to the first downward trend in rate filings in years. At least eight insurance companies filed rate decreases for 2024, while ten other companies filed 0% rate increases. In light of these reforms, eight new companies were also approved to write home insurance policies in Florida.
According to OIR, several other states, including Georgia and Louisiana, are considering legislative tort reform measures to improve their insurance markets after observing Florida’s reforms.
One legislative reform DeSantis signed into law last year was HB 837. According to a press release from the governor's office, this bill was intended to reduce the number of "frivolous" lawsuits in the state and prevent trial attorneys from engaging in "predatory practices." The bill enacted tort reform measures including clarifying that negligence alone does not constitute "bad faith," eliminating attorneys’ fee multipliers, and establishing uniform standards to assist juries in calculating accurate medical damages. DeSantis stated at the time, "I am proud to sign this legislation to protect Floridians, safeguard our economy and attract more investment in our state."
Yaworsky was appointed as Florida’s insurance commissioner in March 2023. His previous roles include vice chairman of the Florida Gaming Control Commission and chief of staff for the Office of Insurance Regulation.