Commissioner Mike Yaworsky Approves More Auto Rate Cuts for Consumers in 2026, including Military Service Members

TALLAHASSEE, Fla.- Florida Insurance Commissioner Mike Yaworsky is approving additional auto insurance rate cuts for the new year. USAA filed an average 7% rate decrease that will take effect by May 2026-resulting in more than $125 million in estimated annual savings for USAA's Florida members. The Office of Insurance Regulation continues to approve rate cuts for auto insurance. In the last year, 42 companies covering personal auto lines have filed for rate decreases-with 32 of the companies filing within the last six months.

"Going into the new year, the Office of Insurance Regulation is not slowing down on approving rate decreases or 0% increases from insurance companies. USAA is just one of many auto insurance companies that OIR is having great conversations with to ensure reductions for policyholders," said Commissioner Mike Yaworsky. "We are thrilled with the progress in the home and auto insurance market since the critical legislative reforms were passed. It is very clear that tort reform was the right thing to do, and we will continue to build on this success."

"Every dollar counts for our active-duty service members, veterans and their families - now more than ever," said Randy Termeer, USAA P&C President. "This rate decrease reflects improving conditions in Florida's insurance market, as well as our ability to price competitively while maintaining the financial strength to take care of our members when they need us. Florida leaders have done great work to strengthen the insurance system and support a more stable, competitive market for Floridians."

USAA is attributing this significant rate decrease to Florida's strong legislative reforms that have stabilized that market.

Commissioner Yaworsky joined Governor Ron Desantis earlier this month to announce rate relief for the auto and home insurance market. The announcement highlighted other significant recent rate decreases from auto insurance companies:

• Florida Farm Bureau: average decrease of -8.7%.
• Progressive: average rate decrease of -8%. This is in addition to their recent announcement to refund policyholders over $1 billion.
• State Farm: average decrease of -10.1%. This is State Farm's third rate reduction since 2024, reducing more than 20% in total and amounting to over $1 billion in savings statewide.
• AAA: Three separate rate reductions over the year, lowering premiums by -15%. Last fall, AAA filed a fourth round of rate reductions for auto policies that will take effect early 2026.
• Allstate: 13.1k drivers average decrease of -4%.

Thanks to Florida's successful tort reform, the auto insurance market is experiencing great stability and growth. In 2024, Florida ranked #1 as the state with the lowest personal auto liability loss ratio, recorded at 53.3%, the lowest recorded for Florida in the last 15 years. Florida personal auto insurers experienced the nation's fifth-lowest incurred loss ratio at 57.5%, a noteworthy decrease from 73.2% in 2023 and 89.7% in 2022. Auto physical damage loss ratios in Florida also made a remarkable shift, dropping from 112.0% in 2022 and 70.3% in 2023, to 66.7% in 2024.

Florida's home insurance market also continues to see overall market stabilization. Since reforms, 17 additional insurance companies have entered the marketplace and OIR has received more than 185 residential filing requests for rate decreases or 0% increases. Since January 2024, 39 companies have filed for a rate decrease and 48 companies have requested no change or 0% increase. The 30-day average request for homeowners' rates is -2.3%, compared to +0.5% one year ago. The 180-day average request for homeowners' rates is -0.7%, compared to +7.9% one year ago.

For more highlights on Florida's insurance market, click here.