Why Lower Auto Rates & HB 837 Make Now the Perfect Time for an Actuarial Rate Review

Florida drivers are finally seeing much-needed relief at the pump—not from gasoline, but from auto insurance premiums. The Florida Office of Insurance Regulation recently announced that the state’s top five personal auto insurers are registering an average rate reduction of –6.5% in 2025, a dramatic shift from a +4.3% increase in 2024 and the +31.7% spike in 2023. These improvements are largely credited to a series of sweeping reforms—most notably House Bill 837, enacted in March 2023.

What did HB 837 do? It introduced broad tort reform, including:

• A reduced statute of limitations for negligence claims (from four years to two),

• A shift from pure to modified comparative negligence (meaning plaintiffs found more than 50% at fault can no longer recover damages),

• And new limitations on bad-faith lawsuits and attorney fees.

Together, these changes have curtailed frivolous litigation, improved loss ratios, and helped insurers file meaningful rate decreases—in turn, bringing more affordable options to Florida’s drivers.

Why Now is the Best Time for an Actuarial Rate Evaluation

With these market shifts underway, there has never been a better moment for insurers or agents to recalibrate. An actuarial review ensures that your rates accurately reflect the evolving legal landscape—balancing competitiveness with regulatory compliance.

Here’s why partnering with a qualified actuary matters:

• Strategic positioning: Get ahead with pricing aligned to the post-HB 837 environment.

• Targeted competitiveness: Capture market share without underpricing.

• Regulatory confidence: Ensure your filings reflect current tort reality and lower litigation risk.

That’s where SunCoast Actuarial steps in. As a boutique actuary shop, we offer tailored, hands-on expertise without the layers and delays of larger firms. We help deliver:

• Fast turnaround for rate indications and filing support

• Responsive, personalized service from experienced professionals

• Cost-conscious pricing that fits your budget without compromising quality

Let’s explore how you can take advantage of this regulatory and market moment with confidence.