Progressive Insurance and Allstate report that Florida’s 2023 insurance reforms have reduced loss costs and contributed to improved financial results, according to company statements and regulatory filings.
The reforms, enacted through House Bill 837, shortened the statute of limitations for negligence claims and revised bad-faith standards, among other changes.
Tricia Griffith, CEO of Progressive, said the company has seen lower loss costs in its Florida personal auto business since the reforms took effect.
“Florida insurance reform was enacted in 2023. We have seen lower loss costs within our personal auto business and this has led to ongoing favorable loss reserve development,” Griffith said.
According to Progressive’s third-quarter 2025 SEC filing, reduced litigation expenses have allowed the company to lower rates while maintaining profitability. Progressive plans to distribute excess profits required under state law to eligible policyholders in early 2026.
Griffith also discussed the broader impact of the reforms.
“We really applaud the political leadership in Florida for taking on an important issue. Their courage is really helping Florida consumers save billions of dollars a year, and we’re happy, of course, because our customers have saved money. We will charge them less, but we’re very happy about the fact that they’re having to pay less. Tort reform may seem arcane from an inflation standpoint, but it has the potential to really help consumers deal with increased inflation and other stuff, so it’s just a terrific way to help customers.”
Tom Wilson, CEO of Allstate, also credited the reforms during the company’s third-quarter 2025 earnings call, saying they allow consumers to save billions annually. He encouraged other states, including Georgia, to consider similar changes in response to inflationary pressures.
A Wall Street Journal editorial noted that the reforms contributed to recent auto rate cuts by major insurers, including State Farm and Progressive. The editorial said similar measures in other states could have comparable effects on pricing.
Griffith has been Progressive’s CEO since July 2016. She previously oversaw the company’s Personal Lines operations.