Florida Workers’ Comp Insurance Market Remains Strong

January 4, 2013

An annual report says Florida’s workers’ compensation insurance market remains strong and competitive.

The report issued Wednesday by the state’s Office of Insurance Regulation notes premiums paid by employers have declined 56 percent since passage of a 2003 law designed to reduce rates.

A key factor has been setting a limit on fees paid to lawyers representing workers who are injured on the job. The report, though, says the effect of that change is wearing off because there now have been three rate increases following seven years of decreases.

It says further reductions would be possible if Florida limited how much doctors can charge for drugs they sell to workers’ compensation patients. The Legislature passed such a bill in 2010, but it was vetoed by then-Gov. Charlie Crist.

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