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David M. Benenfeld, P.A.
7800 W. Oakland Park Boulevard
Building F
Suite 216
Sunrise, FL 33351
Phone: (954) 677-0155
Fax: (954) 677-0773

Dade and Broward County Injury News

Florida Workers’ Compensation Rates to Drop

Posted on Sep 05, 2008

The latest worker’s compensation filing in Florida is prompting a call for an overall average rate decrease of 14.1 percent across the state. According to state officials, this reduction would save Florida employers more than $465 million.

If the rate decrease is approved, it would be the sixth consecutive reduction since the legislature passed reforms to the state’s workers’ compensation system in 2003. The law included provisions for enhanced fraud compliance and revised permanent and temporary disability definitions.

Since 2003, the overall statewide average rate decrease has totaled 58.3 percent. Before this legislature passed, Florida had been ranked first or second in the country for the highest workers’ compensation rates. Currently, Florida has dropped out of the top 10 ranking.

According to NCCI, the rate decline was due to the drop in claims frequency and a reduction in the costs of claims. NCCI produces and files rates for insurers in various states. The Office of Insurance Regulation has scheduled a rate hearing on the filing for October and the rate change would take effect for new and renewal business as of January 1, 2009.

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David M. Benenfeld, P.A.
7800 W. Oakland Park Boulevard
Building F
Suite 216
Sunrise, FL 33351
Phone: (954) 677-0155
Fax: (954) 677-0773
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