ATLANTA — Georgia lawmakers are examining insurance rates statewide following the enactment of Governor Brian Kemp’s tort reform bill.
The tort reform law, signed by Kemp, was intended to reduce frivolous lawsuits and lower insurance rates, but lawmakers acknowledge that these effects have not yet been observed.
“Action was desperately needed to stabilize our insurance marketplace and to protect our consumers,” Kemp said when signing the tort reform bill.
Georgia Insurance Commissioner John King noted that Georgia’s law mirrors Florida’s 2023 reforms, which led to a 23% drop in lawsuits and are starting to show 3% to 5% rate cuts.
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State Rep. Matt Reeves, chair of the study committee, emphasized that insurance reform takes time.
“It takes a while, the nature of insurance claims. It takes a year, two, four years for the full effects on insurance changes to be seen,” Reeves said.
The House Blue Ribbon Study Committee on Insurance Rates, promised by House Speaker Jon Burns, held its first meeting at the Capitol on Thursday.
Lawmakers are conducting hearings across Georgia to gather more information on the impact of the tort reform law.
The political battle to pass the tort reform bill was intense, with Kemp arguing that the reform was essential for small businesses.
While Georgia has yet to see the anticipated effects of the tort reform law on insurance rates, lawmakers and officials remain hopeful that changes will manifest over time.
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