Progressive Insurance has begun notifying approximately 2.7 million Florida auto policyholders that they will receive credits totaling up to $950 million, following a determination that the company’s profits exceeded state statutory limits during the 2023-2025 period.

The insurer announced it would distribute the credits ahead of the timeline required under Florida’s personal auto excess profits law, with notifications being sent from mid-January through February 2026.

Florida law requires insurers to refund excess profits when underwriting gains over a three-year period surpass anticipated profits plus 5% of earned premiums. All Progressive Florida personal auto policyholders who were active as of December 31, 2025, are eligible for a credit, with the amount varying based on premiums paid in 2025.

The credits will first be applied to any outstanding balances or renewal payments. For policyholders with no outstanding balance, remaining credits will be returned to their most recent payment method.

Progressive cited an absence of hurricane activity in 2025 and the effects of insurance reform enacted in 2023 as contributing factors to the excess profits. The 2023 reforms reduced litigation costs by changing laws on attorney fees and bad-faith claims.

Florida Insurance Commissioner Michael Yaworsky indicated other major insurers may also need to issue refunds, though Progressive is currently the only company required to do so.

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