OIR Approves an 15.1% Decrease in Workers' Compensation Insurance Rates for 2024
Nov 13, 2023
~ Effective January 1, 2024 for new and renewal policies ~
Florida Insurance Commissioner Michael Yaworsky issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 15.1 percent. The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2024.
“As a former small business owner myself, I’m always working to support Florida’s small businesses and entrepreneurs. A decrease in workers’ compensation rates means lower insurance costs for employers, allowing them to put more money back into their business, where it belongs,” said Chief Financial Officer Jimmy Patronis. “I’m pleased that Florida’s business owners will benefit from another year of rate relief and look forward to keeping Florida the best place to live, work, and run a business.”
“Today’s announcement means more cost saving opportunities for every business operating in Florida,” said Agriculture Commissioner Wilton Simpson. “Florida is committed to supporting small businesses and I look forward to seeing another year of reduced workers’ compensation rates.”
“I’m pleased to announce that Florida businesses will see a reduction in workers’ compensation rates for the seventh consecutive year,” said Insurance Commissioner Michael Yaworsky. “It’s clear the workers’ compensation market in Florida is stable and competitive; I’m confident lower workers’ compensation rates will assist in ensuring that all of Florida’s businesses have the opportunity to succeed in our state.”
OIR hosted a recorded, virtual public hearing regarding the Workers’ Compensation Rates and Rating Values submitted by NCCI. A recording of the hearing is available here.
Additional information regarding the NCCI public hearing and rate filing is available on OIR’s website here.
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.