TALLAHASSEE, Fla. — Drivers who had Infinity Auto insurance will receive $46 million in refunds, Florida's Office of Insurance Regulation says.
The refunds come after the insurer collected too much profit over the years 2023, 2024 and 2025, triggering the state's excessive profits law. Drivers who have Infinity Auto will receive those refunds within 60 days.
Florida law examines an auto insurer's profits over three years. If those profits exceed the company's expected underwriting profit, plus 5% of premiums, the excess must be returned.
"Insurers must act in the best interest of Florida consumers, and I commend Infinity Auto for reviewing their finances and providing data promptly to the Office of Insurance Regulation. We are aware of other auto insurance companies approaching the statutory threshold for excess profits and anticipate more announcements of refunds for Floridians in the near future," Commissioner Mike Yaworsky said.
Infinity Auto is the latest in a series of insurers returning money to Florida drivers.
In June, USAA announced it is returning $500 million to members in the form of a one-time auto dividend, with drivers seeing an average of $760 returned and about a quarter of Florida drivers getting up to $1,000 back.
Tampa Bay 28 anchor Nadeen Yanes reported the Office of Insurance Regulation confirmed that USAA, like Progressive, came forward proactively to return the money. Both companies were close to triggering the state's Excessive Profits Law, passed in 1977, and are returning the money in good faith before Florida law requires it.
"Like Progressive, USAA acting in good faith came forward proactively to return this value to policyholders," said Shiloh Elliott, press secretary for the Florida Office of Insurance Regulation.
State Farm drivers in Florida are also receiving a dividend payment, part of the company's one-time $5 billion cash-back, the largest in the company's more than 100-year history.
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