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Florida OKs Drop In Workers Comp Insurance Rates

The Florida Channel
Leon County Judge John Cooper on June 30, 2022, in a screen grab from The Florida Channel.

Florida regulators are approving a 9.5 percent drop in insurance rates charged to the state's business owners to cover their employees.

The Office of Insurance Regulation on Thursday announced it had approved a drop in workers' compensation insurance rates. The new rates are scheduled to take effect Jan. 1, 2018.

The National Council on Compensation Insurance asked regulators to approve a slightly smaller 9.3 percent rate decrease.

A year ago workers compensation rates were hiked up because of concerns about rulings from the Florida Supreme Court. One of those rulings struck down a law that limited attorney fees in workers' compensation cases.

Regulators last year ultimately approved a 14.5 percent hike. But claims experience and new data showed that the rates did not need to be that high.