Report: Florida Workers’ Comp Market ‘Competitive’
The state’s annual report on workers’ compensation insurance says Florida’s market is “competitive,” and its availability is not a significant problem.
The Office of Insurance Regulation issued the report Wednesday on the coverage employers buy for workers who are hurt on the job.
The clean bill of health contrasts with problems plaguing Florida’s auto and property insurance systems.
The former is riddled with fraud and the later has viability and availability issues despite high rates.
The report notes Florida’s workers compensation insurance rates this year are 58.6 percent lower than they were in 2003. That’s even though an 8.9 percent rate increase went into effect Sunday.
The rate reductions followed legislation that made a number of changes in the system including lowering the cap on lawyer’s fees.
- Report: Property Claims Face Delays, Are Growing More Complex
- Goldman Sachs Ensnared in EY Data Breach Earlier This Year
- Agentic Intelligence for Claims Dominates New Tech Launches
- Before the Nuclear Verdict: Rethinking How Liability Claims Are Managed
- New Corgi, Liberate, VERVE Claims Tech. Do We Need New Acronyms?
- Londoners Find ‘Horrendous’ Cracks in Their Homes After Successive Heat Waves
- The Great Hemp Reset: How the Federal Ban on Intoxicating Hemp Products Will Reshape Risk and Coverage
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country