FOR IMMEDIATE RELEASE:
November 28, 2018
Logan Elizabeth Padgett
JMI Releases New Insurance Study
TALLAHASSEE, FL – Dr. Robert McClure, President and CEO of The James Madison Institute, will speak today at the Florida Chamber’s 2018 Insurance Summit and discuss areas of reform needed to ensure the long-term health and stability of Florida’s insurance market.
“Florida has, despite an exceptionally friendly business environment, struggled with specific practical reforms to our insurance industry. Consequently, our state continues to remain a standout for frivolous lawsuits and abuse of the tort system. Setting our state on the right path requires a fundamental re-examination of both how insurance policies meet the market needs and how abuse of our tort system distorts that market.”
“Unfortunately, a relatively small number of bad actors cost the rest of us dearly through higher insurance rates and stifled economic growth. With a new Governor and a coming slate of new Florida Supreme Court Justices, we should not let this opportunity go to waste.”
Coinciding with Dr. McClure’s remarks, JMI is releasing “Roadmap to Reform,” a paper authored by Christian Cámara, senior fellow at JMI. The paper identifies three areas of needed insurance reform: assignment of benefits (AOB), personal injury protection (PIP), and tort reform.
“Florida’s legal environment has been corrupted to benefit a handful of overzealous lawyers and unscrupulous vendors to the detriment of millions of consumers who are paying thousands of dollars in unnecessary insurance costs. But there exists a clear path to solving this crisis, and it should be at the top of the policy agenda. Every day that we don’t act, Floridians pay.” – Christian Cámara, Senior Fellow, The James Madison Institute
Read JMI’s latest Backgrounder, “Roadmap to Reform” here: https://www.jamesmadison.org/wp-content/uploads/2018/11/PolicyBrief_Insurance_v01.pdf
As Florida’s premier free-market think tank, The James Madison Institute is a 501(c)(3) nonprofit, nonpartisan research and educational organization. The Institute conducts research on economic issues facing Floridians.