OIR Approves a 6.6% Decrease to Florida’s Workers’ Compensation Insurance Rates

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OIR Approves a 6.6% Decrease to Florida’s Workers’ Compensation Insurance Rates

Dec 2, 2020

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 6.6% for Florida workers’ compensation insurance rates. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2021.

“My administration remains committed to fully supporting Florida businesses, and we will continue to ensure Florida’s job creators are well positioned during our state’s economic recovery. This decrease in workers’ compensation rates will serve as welcome relief for our employers,” said Governor Ron DeSantis.

CFO Jimmy Patronis said, “The statewide overall 6.6 percent workers’ compensation insurance rate decrease is a major win for Florida businesses as we work to rebuild our economy and ensure job creators have the ability to get Floridians back to work. As your CFO, one of my top priorities is to attract job creators and innovators to the state of Florida and this rate reduction is yet another reason why the Sunshine State is where businesses come to thrive. Our small businesses are the backbone of our economy and every Florida community benefits when they see cost savings. This is yet another example of why there is no better place to live, work, and run a business than right here in Florida.”

“We are pleased to see continued decreases in workers’ compensation rates for Florida businesses. Florida businesses have seen unprecedented challenges this year and lowering these costs will help increase stability for employers and ultimately, Florida’s families,” said Attorney General Ashley Moody.

“This further reduction in workers’ compensation insurance rates for 2021 reflects the continued commitment to safety and innovation in Florida workplaces. The decline in workers compensation claims, which is reflected in lower rates, is a positive indicator for Florida businesses,” said Insurance Commissioner David Altmaier.

Commissioner Altmaier approved the NCCI amended rate filing, which met the stipulations of the Order on Rate Filing issued by Commissioner Altmaier on October 30, 2020. For more information about the NCCI public hearing and rate filing, visit the OIR NCCI Public Rate Hearing webpage

About the OIR

The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.