OIR Approves an 8.4% Decrease in Workers' Compensation Insurance Rates for 2023

Florida Business Provided Gift on Election Day Eve

Late yesterday, Governor Ron Desantis signed into law an average reduction of workers’ compensation rates in the State of Florida for policies incepted 1/1/23 or later by 8.4%. This amount does not deviate from the original proposed order of the National Council of Compensation of the same amount filed some months back. It represents the sixth straight reduction of rates in Florida and ninth in the last ten years. Just over this period of time, effective workers’ compensation rates in the State have been cut in half as a function of $100 of payrolls.

Effective January 1, 2023 for new and renewal policies

Tallahassee, Fla. - Today, Florida Insurance Commissioner David Altmaier issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 8.4 percent. The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2023.

“Year after year, Floridians are seeing a decrease in workers’ compensation rates. This is fantastic news as Florida’s small businesses are the backbone of our economy and paying less for workers’ compensation coverage helps business owners combat the impacts of rising inflation,” said Chief Financial Officer Jimmy Patronis. “I’m always proud to support Florida’s small business community as we work to keep Florida the best place to live, work, and run a business.”

“I’m pleased to see the sixth consecutive year of a reduction in workers’ compensation rates,” said Attorney General Ashley Moody. “When businesses are able to succeed, they help create vibrant communities which ultimately allow Florida’s families to thrive.”

“For the sixth consecutive year, Florida businesses will see a reduction in workers’ compensation rates - which also means lower insurance costs for employers,” said Insurance Commissioner David Altmaier. “We look forward to another year of rate relief for Florida businesses.”

OIR hosted a recorded, virtual public hearing regarding the Workers’ Compensation Rates and Rating Values submitted by NCCI. A recording of the hearing is available here.

Additional information regarding the NCCI public hearing and rate filing is available on OIR’s website here.

About the OIR

The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit www.floir.com or follow on Twitter @FLOIR_comm.

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