A new report from the Florida’s insurance regulator discusses the state’s workers’ comp rates as some of the most competitive around, especially among other large states. However, the report warns of several pending court cases (including the Padgett case questioning the constitutionality of the system) and the “erosion of cost savings” from 2003 reforms as upcoming issues. The 2014 Florida Workers’ Compensation Annual Report by the Office of Insurance Regulation notes that six of the market’s 10 largest writers are now based in Florida, up from four the year before, writing 28 percent of the premiums. Further, private insurers write more than 95 percent of workers’ compensation in the state, making Florida one of the most competitive markets of the largest states in the country and one of only two that do not rely largely on state-created residual market entities.
Get an overview of the report from Insurance Journal here.
Read the report from the Florida OIR via IJ’s network here.