The Florida Office of Insurance Regulation said it has approved a 1 percent decrease in overall workers’ compensation insurance rates for 2025.
In a prepared statement released Monday, Insurance Commissioner Michael Yaworsky said it will be the eighth consecutive year of rate reductions.
He said the workers’ compensation insurance market “is stable and competitive. A further reduction in workers’ compensation rates will assist new and existing businesses in Florida find success."
The National Council on Compensation Insurance, which makes rate filings for the industry, submitted a proposal in August that called for an overall 1 percent rate decrease.
A summary by the organization described the workers’ compensation system as “healthy” and said that while “consumer inflation has been elevated, the inflation for workers’ compensation medical costs remained stable.”
It also said a combination of continued claims “frequency declines and moderate benefit costs at or below the level of wage growth,have continued to put downward pressure on overall WC (workers’ compensation) system costs relative to collected premiums.”
The summary said a law passed this year (SB 362) to increase maximum workers’ compensation reimbursements for physicians affected the NCCI proposal. Without the law, it said the proposal would have been for an overall 6.4 percent decrease.