Escalating medical costs and a series of pending lawsuits challenging Florida’s workers compensation law could potentially reverse a trend of falling workers comp rates in the state, the Florida Office of Insurance Regulation said Friday.
Florida workers comp rates fell 4.7% from last year as of Jan. 1, marking the fourth consecutive workers comp rate decrease in the state, the insurance department said in its workers comp annual report. The department said that the recent rate cut reflects a 60.3% decrease in Florida comp rates since the state enacted workers comp reforms in 2003.