Bob Ward
Florida is in the midst of an economic boom that we could not have contemplated even 20 years ago. Thanks to steady leadership in Tallahassee by Gov. Ron DeSantis and the Legislature, we have a business environment that is attracting employers and talent to our state who will generate economic opportunities for decades to come.
Even with this unprecedented growth, our state leaders know that the work is not yet finished. According to the U.S. Chamber of Commerce, Florida is the only state in the nation that each year spends more than 3% of our GDP — some $40 billion — on torts. The frequently unnecessary litigation involves exorbitant attorneys’ fees, inflated medical expenses to increase payouts and other abuses of the legal system.
These cases affect businesses and consumers beyond those directly involved in the lawsuits. Businesses must allocate more resources to managing risk and often are forced to take unnecessary measures to shield themselves from lawsuits. Consumers, meanwhile, pay more for goods and services, car and homeowners insurance. The Perryman Group, a leading economic and financial analysis firm, has calculated that every Floridian pays an annual “tort tax” of $812.52 each year in increased costs.
Tort reform is often discussed and often misunderstood. The Florida Council of 100 has been studying the problem and how to bring clarity to this issue for more than 20 years. The reforms proposed in Tallahassee include the elimination of one-way attorney fees and fee multipliers in all lines of insurance. They will address longstanding abuses in third-party bad faith claims and the presentation of evidence of medical damages in negligence cases. These and other proposed reforms are common sense moves that will restore fairness to Florida’s civil justice system. If enacted, they will create an environment in our state that continues to position Florida as the place to do business in America. This will benefit each one of us in Florida, not only tomorrow, but for generations to come.
Thanks to Gov. DeSantis, Senate President Kathleen Passidomo and House Speaker Paul Renner, Florida is open for business — a fact that we should all take great pride in. Let’s continue the momentum and support their efforts to keep it that way.
Bob Ward is president and CEO of The Florida Council of 100, a private, nonprofit, nonpartisan organization of business leaders committed to promoting economic growth and improving the quality of life for all Floridians.
