Nearly two years after Florida lawmakers passed comprehensive tort reform, industry leaders, state officials, and legislators will convene Dec. 3-5 in Orlando for the 2024 Florida Chamber Annual Insurance Summit.
The gathering comes amid ongoing challenges in the state’s insurance market, including the impacts of three major hurricanes – Debby, Helene, and Milton – and calls for accountability in implementing reforms.
Senate President Ben Albritton, a rancher from Wauchula, underscored the need for oversight as the reforms are implemented.
“I want to make sure that impacted Floridians and insurance companies hear me loudly and clearly – we are watching,” Albritton said after being sworn in last week. He highlighted legislative efforts to foster competition and stabilize rates while improving claims processes for consumers.
In a report from The Florida Bar, House Speaker Daniel Perez, an attorney from Miami, acknowledged the pressure rising premiums have placed on policyholders.
“Most Floridians understand the challenges back-to-back disasters pose for their insurance premiums,” Perez said. However, he emphasized the importance of ensuring state insurance laws are crafted in the interest of consumers, not solely for the benefit of insurers.
In March 2023, Gov. Ron DeSantis signed HB 837, a wide-ranging “Civil Remedies” bill that introduced changes to the state’s legal and insurance landscape.
The legislation reduced the statute of limitations for negligence claims from four years to two, adopted a modified comparative negligence standard, tightened restrictions on bad faith lawsuits against insurers, and allowed juries to allocate blame to perpetrators in negligent security cases.
Supporters of the bill argue it has begun stabilizing the market, though some leaders are calling for more tangible results.
The reforms have also drawn praise from industry leaders, including Associated Industries of Florida CEO Brewster Bevis, who said, “Billboard lawyers will no longer get away with abusing the legal system.”
Proponents credit the changes with attracting eight new insurers to Florida and slowing premium rate increases, which have averaged 2% in recent filings.
Critics note that the reforms have been bolstered by billions of taxpayer dollars allocated to a reinsurance pool to incentivize private market participation. The summit will include updates on the state’s hurricane recovery and market recovery efforts.
The summit will feature Florida Division of Emergency Management executive director Kevin Guthrie, chief financial officer Jimmy Patronis, and Insurance Commissioner Michael Yaworsky, among others. These officials are expected to provide insights into the state’s response and recovery efforts following a challenging hurricane season.
Senate Banking & Insurance Committee chair Blaise Ingoglia will also speak, alongside Susanne Murphy, a former deputy insurance commissioner who now consults for the law firm Meenan, and Virginia Christy, the current deputy commissioner for property and casualty insurance.
Other notable speakers include Randy Fuller, Florida segment leader for reinsurance broker Guy Carpenter; Don Matz, CEO of Orange Insurance Exchange; and Jose Novak, a financial analyst with AM Best.
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