Tallahassee, Fla. - The Florida Office of Insurance Regulation (FLOIR) has approved an overall rate reduction of 18.4%, effective Jan. 1, 2008, marking the fifth consecutive year of workers' compensation rate decreases. The newest rate reductions will give Florida businesses a cumulative decrease of 51.4% since legislative reforms were enacted in 2003.
FLOIR concurrently released its annual report on the state of the market for workers' compensation insurance to the Florida Legislature. The report analyzes the availability and affordability of coverage for workers' compensation insurance in Florida for the calendar year 2006, and concludes that Florida is the largest market dominated by private market insurers (as compared to state sponsored residual market entities such as those in New York and California).
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