Florida workers’ comp insurance rates to go down at beginning of the year

The price of workers’ compensation insurance for Floridians will be more affordable soon.

The Office of Insurance Regulation (OIR) announced approval of a final order for the National Council on Compensation Insurance (NCCI) that augments a statewide decrease of workers’ comp rates by 1%. The lower rates begin on Jan. 1.

“I’m pleased to announce that Florida businesses will see a further reduction in workers’ compensation rates for the eighth consecutive year,” said Florida Insurance Commissioner Mike Yaworsky.

“Following historic legislative reforms in this space, it is abundantly clear that the workers’ compensation market in Florida is stable and competitive. A further reduction in workers compensation rates will assist new and existing businesses in Florida find success.”

A public hearing on the issue was held in October after the NCCI applied for the rate decrease in August.

“NCCI requested an overall average decrease in rate levels of 1% for the voluntary market for all new and renewal workers’ compensation insurance policies written in Florida, effective January 1, 2025,” a rate hearing notice said.

OIR is the state bureau that handles regulation of compliance and enforcement of state laws that cover insurance businesses in Florida. The agency also monitors the insurance industry markets.

One of the more high-profile aspects of the agency is keeping tabs on insurance claims in Florida, especially due to hurricanes. OIR is the agency tracking the amount of and estimated costs of insurance claims from both Hurricanes Helene and Milton, which hit Florida in September and October, respectively. The amount of insurance claims from both of those storms is now approaching $5 billion in Florida.