– The Florida Office of Insurance Regulation (Office) today released to the Florida Legislature its 2009 Workers' Compensation Annual Report
on the state of the workers' compensation insurance market in Florida. The report analyzed the availability and affordability of coverage for workers' compensation insurance in Florida for the calendar year 2008 and concluded Florida’s market is competitive.
The report shows the Florida market features 251 entities writing workers’ compensation insurance -- 246 private insurers, four self-insurance funds, and the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). The residual market, the FWCJUA, had 826 policies as of November 2009 with corresponding premiums of $5.7 million. This is a fraction of Florida’s overall workers’ compensation premium, which reported a total of $2.3 billion in written premium in 2008, ranking Florida fifth nationally.
"The 2009 report clearly demonstrates that Florida's 2003 legislative reforms, combined with the Legislature’s passage of House Bill 903 that restored caps on attorney’s fees, have continued to lead to declines in workers' compensation rates and stability in the marketplace," said Insurance Commissioner Kevin McCarty. "This is especially important for Florida businesses given the current economic environment."
On Oct.26, 2009, Florida Insurance Commissioner Kevin McCarty issued a final order
approving the National Council on Compensation Insurance's (NCCI) amended rate filing for workers' compensation insurance rates to become effective Jan. 1. The 6.8 percent rate decrease marked the seventh annual consecutive drop in workers' compensation rates – a cumulative 63.2 percent decline since the Florida Legislature passed sweeping reforms in 2003.
The report is prepared pursuant to requirements of Section 627.211(6), Florida Statutes and fulfills the requirements of Section 627.096, Florida Statutes, which requires the Office to provide comprehensive information to assist in the review of workers' compensation rate filings. Copies of prior reports from 2004-2008 are also available on the Office's Web site at www.floir.com