USAA to return nearly $1 billion to Florida members, citing tort reforms for lower insurance costs
By
Contessa Brewer
Summary
USAA is returning nearly $1 billion to Florida members through savings and a $500 million dividend, crediting Florida's 2023 civil litigation and tort reforms for reducing legal costs. The reforms shortened the statute of limitations, eliminated phantom damages, and ended one-way attorney fee awards, which insurers say curbed legal system abuse and lowered insurance costs.
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bskyUSAA to return nearly $1 billion to Florida members, citing tort reforms for lower insurance costscnbc.comKey quotes
· 4 pulledUSAA said it will deliver nearly $1 billion in combined savings and returns to eligible Florida members, including a $500 million dividend, CNBC can exclusively report.
The insurer credits Florida's civil litigation and tort reforms as a key reason it can send money back to policyholders.
USAA says its legal costs declined after Florida moved to curb what insurers have long described as legal system abuse.
In 2023, Florida passed tort reforms that shortened the statute of limitations to two years, eliminated so-called phantom damages and ended one-way attorney fee awards.
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