Florida regulators approve 15.1% decrease in comp rates

Businesses in Florida will pay an average of 15.1% less in workers compensation insurance rates starting Jan. 1, 2024, Florida Insurance Commissioner Michael Yaworsky announced on Monday.

Based on a rate filing by the National Council on Compensation Insurance, this is the seventh consecutive year of reduced rates for businesses, according to a statement issued by Mr. Yaworsky.

According to written testimony by NCCI officials, much of the decrease — 13.6% — is the result of loss experience, trends and benefits paid to injured workers in 2020 and 2021.