The Florida Office of Insurance Regulation has announced that nearly $1 billion in credits will be issued to auto policyholders due to improvements in the state's insurance market. This announcement was made on the social media platform X.
According to an official press release from Governor Ron DeSantis, these credits are a result of significant improvements in Florida’s insurance market following recent state-level reforms. The release notes reductions in litigation, increased participation by insurers, and rate stabilization as key factors driving the issuance of credits. Commissioner Mike Yaworsky said that the Florida Office of Insurance Regulation (OIR) has proactively worked with auto insurance companies to ensure all policyholders receive their entitled refunds and credits.
InsuranceNewsNet reports that Progressive Corporation is expected to issue approximately $950 million in policyholder credits under Florida's excess profits statute, which limits the underwriting profit an insurer can retain over three years. The company anticipates about 2.7 million personal auto policyholders in Florida will benefit from these credits through checks or bill adjustments. InsuranceNewsNet highlights this refund process as one of the largest auto insurance credit initiatives in U.S. history linked to state-level profitability regulation.
CBS News Miami indicates that Florida’s top five auto insurers, representing roughly 78% of the state's auto insurance market, have reported an average rate decrease of 6.5% for 2025. This contrasts with a 4.3% increase in 2024 and a 31.7% rise in 2023, reflecting stabilization within Florida’s insurance sector. CBS News attributes this improvement to legislative actions aimed at curbing lawsuit abuse, reducing fraud, and promoting competition, thereby enabling insurers to issue credits to policyholders.
According to its official website, the Florida Office of Insurance Regulation oversees the state's insurance industry, including life, health, property, and casualty insurers. The agency ensures compliance with Florida insurance laws by reviewing rate filings, approving policy forms, and monitoring financial solvency among insurers. OIR's mission is to maintain a stable and competitive insurance marketplace while protecting consumers and ensuring fair treatment across the industry.