Florida Insurance Commissioner Mike Yaworsky announced that the state’s five largest auto insurance groups are indicating an average rate change of negative 8% for 2026. According to the Florida Office of Insurance Regulation (OIR), these insurers represent approximately 78% of Florida’s auto insurance market.

The top five auto insurance groups operating in Florida include Progressive, Berkshire Hathaway (GEICO), State Farm, Allstate, and USAA. State officials say the indicated rate change reflects continued activity in the state’s auto insurance market and follows legislative reforms supported by Gov. Ron DeSantis.

State Officials Highlight Rate Reductions

Chief Financial Officer Blaise Ingoglia said policyholders are seeing financial benefits as a result of legislative changes.

“Once again, policyholders are saving money and benefitting from Florida’s historic tort reforms,” Ingoglia said. “Florida has laid out the blueprint for successful insurance reform, and we are continuing to see the difference it is making for Florida families and their wallets. As CFO, I will continue to work with Commissioner Yaworsky to ensure that announcements like this continue.”

Yaworsky also pointed to the indicated rate change and its potential impact on policyholders.

“The historic legislative reforms continue to drive auto insurance rates down, with nearly 80% of Florida’s auto policyholders seeing lower rates for 2026,” Yaworsky said. “Florida’s top five auto writers are already indicating a negative 8 % rate change for 2026, with one group even indicating a negative 16.5% rate change.”

Rate Reductions Continue Across Major Insurers

OIR reported that Florida’s auto insurance market has experienced steady rate reductions over the past two years. In 2025, the top five auto insurance groups requested a combined rate change of negative 7.4%. As of February 2026, the same insurers are showing a year-to-date indicated rate change of -8.0% for 2026.

The agency also reported several recent actions by individual insurers.

Progressive reported nearly $1 billion in credits to policyholders last fall. State Farm announced a nearly $533 million dividend for Florida policyholders, averaging $173 per vehicle. OIR has approved multiple rate reductions from State Farm since 2024, including a recent request to decrease rates by 10% for drivers.

GEICO also announced rate reductions that will provide relief to more than 700,000 Florida customers beginning in April 2026. In addition, OIR approved three separate rate decreases for AAA over the past year, resulting in a combined 15% reduction in auto premiums.

USAA lowered its rates by 7%, with the change scheduled to take effect in May 2026. Allstate also reduced rates by 4% for more than 13,000 drivers.

Loss Ratios Show Changes in the Market

OIR reported several changes in key market indicators over the past few years. In 2024 and 2025, Florida ranked first among all states for the lowest personal auto liability loss ratio. The ratio was 52.5% in 2025, the lowest level recorded in Florida in the past 15 years.

Auto physical damage loss ratios in Florida also shifted during the same period. The ratio dropped from 112.0% in 2022 to 70.3% in 2023. It then declined to 66.7% in 2024 and 49.5% in 2025.

Across all 50 states, Florida’s 2025 auto physical damage loss ratio moved from 48th place to ninth place within one year.

About the Florida Office of Insurance Regulation

The Florida Office of Insurance Regulation has primary responsibility for regulating insurance companies operating in the state. The agency oversees compliance and enforcement of statutes related to the business of insurance and monitors industry markets. More information about the Florida Office of Insurance Regulation is available on its website and on X at @FLOIR_comm.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.