Florida Insurance Commissioner Mike Yaworsky on Monday announced the approval of a 6.9% rate decrease for policies incepting on or after Jan. 1.
The National Council on Compensation Insurance in September recommended the rate reduction based on improved loss experience in policy years 2022 to 2024 and continued decreases in claim frequency.
NCCI said at the time that claim frequency decreased faster in 2024 than the long-term average rate of decline.
Increased utilization of medical services was the primary driver of higher medical costs, while wage growth drove increases in indemnity benefits.
NCCI said the calendar year 2024 combined ratio was 86%.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.