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Florida Workers Compensation Insurance Rates Drop

Posted on 16 Oct 2009

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The Florida Office of Insurance Regulation (OIR) on Thursday approved a substantial workers compensation rate decrease as filed by the National Council on Compensation Insurance (NCCI).

“The workers compensation reforms passed in 2003 continue to deliver results to employers and the Florida marketplace,” said William Stander, assistant vice president for PCI. “Especially in these difficult times, today's announcement is a major victory for Florida's job creators. PCI is pleased to be a part of this success story.”

The latest NCCI filing was submitted on August 20, 2009 and calls for an overall statewide rate decrease of 6.8 percent. Approved today, the filing will become effective on Jan. 1, 2010 for all new Florida workers compensation insurance as well as renewals.

According to the Florida OIR, the rate decrease will provide estimated savings of over $166 million for Florida employers. This will be the seventh consecutive decline in Florida workers compensation rates since the Legislature followed the insurance industry's advice and enacted broad reforms in 2003. Cumulative overall statewide rates have fallen by 63.2 percent since the passage of SB 50A during the 2003 Special Session. This latest reduction will place Florida among the lowest 10 states in the country for workers compensation rates.

“This year, lawmakers passed HB 903 to reaffirm the statutory prohibition on hourly attorneys' fees, which had been one of the biggest cost drivers in the workers compensation system,” said Stander. “Sponsored by Representative Anitere Flores (R-Miami) and Senator Mike Bennett (R-Bradenton), HB 903 ensured that the 2003 reforms will continue to control costs and provide affordable workers compensation rates.”