The Insurance Information Institute (Triple-I) has highlighted the significance of tort reform in Georgia, referencing Florida's legislative measures that have curtailed excessive litigation and stabilized its insurance market. This statement was issued in a press release on March 12.
On March 24, 2023, Florida Governor Ron DeSantis signed House Bill 837 (HB 837) into law. According to Adams and Reese LLP, this legislation enacts comprehensive tort reform aimed at reducing frivolous lawsuits and stabilizing the state's insurance market. The bill introduces significant changes to the judicial system, particularly affecting lawsuits against insurers and personal injury cases.
Prior to HB 837's implementation, Florida accounted for just over 8% of U.S. homeowners insurance claims but was responsible for more than 76% of the nation's property claim lawsuits in 2019. According to the Insurance Journal, this imbalance underscored the extent of litigation abuse impacting the state's insurance market and highlighted the critical need for legislative intervention.
The Insurance Information Institute is a leading industry organization established in 1960, dedicated to improving public understanding of insurance—its functions and operations. Triple-I provides objective, fact-based information about insurance to consumers, media, and policymakers. In their official press release, they emphasize the importance of legislative reform to address the impacts of legal system abuse on insurance costs.