OIR Approves a 7.5% Decrease to Florida’s Workers’ Compensation Insurance Rates
TALLAHASSEE, Fla. – Florida
Insurance Commissioner David Altmaier has issued a Final Order granting approval
to the National Council on Compensation Insurance (NCCI) for a statewide
overall decrease of 7.5% for Florida workers’ compensation insurance rates.
This applies to both new and renewal workers’ compensation insurance policies
effective in Florida as of January 1, 2020.
is an ideal place to do business and I am committed to keeping our workforce
and economy strong. This decrease in workers’ compensation rates is very good
news for employers and one more reason for companies to be located in our great
state,” said Governor Ron DeSantis.
businesses are the backbone of our economy and when they see cost savings, our
local communities benefit. Affordable workers’ compensation insurance means
more workers are protected. It is great to see the costs of this coverage
continue to decrease for those businesses who call Florida home,” said CFO
am pleased to issue this order, reducing workers’ compensation rates for
Florida’s businesses, providing another year of rate relief. Increased
innovation in workplace practices and continued emphasis on safety for
employees has meant a decline in the workers’ compensation claims and Florida
businesses will see the results of those efforts reflected in their insurance
rates,” said Insurance Commissioner David Altmaier.
Altmaier approved the NCCI amended rate filing, which met the stipulations of
the Order on Rate
by the Commissioner on October 24, 2019.
For more information about the NCCI public hearing and rate filing, visit OIR’s
“NCCI Public Rate