FOR IMMEDIATE RELEASE
June 08, 2026

Washington, D.C. – In a nationally televised interview on CNBC’s Squawk Box, USAA CEO Juan Andrade credited Florida’s 2023 tort reforms with helping stabilize the state’s insurance market and enabling the company to return nearly $1 billion to Florida policyholders through dividends and premium reductions.

The remarks offer a powerful message for governors and legislators across the country: tort reform is an affordability solution that delivers real cost savings for constituents. 

Andrade announced that USAA will distribute a $500 million dividend to approximately 830,000 Florida members, on top of a previously announced $160 million dividend and premium reductions that together total nearly $1 billion in consumer savings.

“This is really all about tort reform in the state of Florida,” Andrade said. “When you have a governor, an insurance commissioner, and a legislature that have the courage and conviction to pass tort reform, they stabilize the insurance market. Florida is a case study of that.”

During the interview, CNBC highlighted the dramatic impact of Florida’s reforms. While Florida accounted for just 9% of the nation’s property insurance claims, it previously generated nearly 80% of all related litigation. Andrade noted that legal defense costs for the insurance industry in Florida fell from approximately $3.5 billion in 2023 to roughly $100 million today following reform efforts.

CNBC also cited data showing a sharp decline in insurance-related lawsuits, including auto glass litigation, as well as a significant reduction in nuclear verdict activity. Andrade described legal system abuse as a major driver of rising insurance costs nationwide and pointed to Florida as evidence that reform can improve affordability for consumers.

The discussion also referenced similar reform efforts underway in states including Georgia, Louisiana, and New York, while noting that litigation costs continue to create challenges in states such as California and Texas. Florida has shown the way – and more states can follow. 

The interview serves as one of the strongest public acknowledgments to date from a major national insurer that tort reform can help reduce litigation costs, strengthen insurance markets, and deliver tangible savings to consumers.

Watch the full interview on CNBC HERE