Florida Insurance Commissioner Mike Yaworsky announced a drop in auto insurance rates for 2025, with the state’s top five auto insurance groups—representing 78% of the market—reporting an average rate change of -6.5%, a sharp reversal from +4.3% in 2024 and +31.7% in 2023. One insurer is cutting rates by as much as -11.5%.

The state is also seeing the lowest personal auto liability loss ratio in the country, averaging 53.3% in 2024. These improvements are largely attributed to legislative reforms backed by Governor Ron DeSantis, which have driven down litigation costs and improved underwriting results. So far in 2025, OIR has approved 46 rate decrease filings from over 30 insurers, signaling a broader market shift.

Florida’s auto insurers also report a personal auto incurred loss ratio of 57.5%, down from 73.2% in 2023 and 89.7% in 2022. Meanwhile, auto insurance shopping continues to rise, with LexisNexis reporting a 16% YoY increase in Q1 2025, further enhancing market competition and pricing flexibility.