Florida Workers’ Compensation Market Remains Healthy: State Report

The state’s annual report on workers’ compensation insurance says Florida’s market is “competitive,” and availability of coverage is not a significant problem.

The Office of Insurance Regulation issued the report.

The clean bill of health contrasts with problems plaguing Florida’s auto and property insurance systems, which are dealing with fraud, pricing and availability issues.

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.