News & Updates


OIR Approves Workers Compensation Rate Decrease

OIR Approves Workers Compensation Rate Decrease

The Florida Office of Insurance Regulation has approved a statewide overall rate level decrease of 13.8 percent for workers’ compensation insurance rates. The approval applies to new and renewal workers’ compensation insurance policies effective as of January 1, 2019.

The National Council on Compensation Insurance submitted a rate filing in late summer providing for a statewide average rate decrease. As is typically the case, the Office of Insurance Regulation scheduled a public hearing on NCCI’s filing. However, Hurricane Michael prompted cancellation of the hearing. The OIR instead accepted public input through email while also conducting its own review.

On November 2, 2018, the OIR informed NCCI that it largely agreed with the proposed decrease but believed limited additional revisions were appropriate that would result in a slightly larger decrease. NCCI accepted the suggested changes and submitted an updated filing on November 7, 2018.

Governor Rick Scott applauded the rate reduction as a further step in enhancing the ability of Florida businesses to grow and add jobs. Chief Financial Officer Jimmy Patronis added that the nearly half-billion dollar premium impact will help businesses and local economies. Patronis cautioned, however, that Florida must continue to watch the workers’ compensation insurance market because market changes can lead to periods of rising rates.

Insurance Commissioner David Altmaier said about the rate approval, “Workers’ compensation insurance is a critical operating cost for business owners and the 13.8 percent rate decrease approval will allow employers to better support Florida’s families, visitors and labor force. This most recent decrease marks approximately $454 million in savings for employers and can help facilitate additional cost savings for the communities they serve.”