Office Releases 2012 Workers' Compensation Annual Report
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has released the 2012 Workers’ Compensation Annual Report to the Florida Legislature. The report highlights information about the state of Florida’s workers' compensation insurance market.
After a detailed analysis of the availability and affordability of workers’ compensation insurance in Florida, the report findings conclude that Florida’s market remains competitive with a 56% decline in voluntary market rates since reform legislation was passed in 2003. However, concerns exist about the rate impact of medical cost drivers associated with physician drug repackaging and reimbursement costs for hospital inpatient/outpatient care and ambulatory surgical center care.
The National Council on Compensation Insurance (NCCI) estimates from 8.4% to 9.6% of total savings could be achieved with legislative reforms to address these cost drivers.
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. For more information, visit the Workers’ Compensation webpage or click here to access previous annual workers’ compensation reports from 2004 – 2011.