Workers' comp premiums cut for eighth straight year

The worker's compensation insurance rate in Florida will be dropping in 2025 — marking the eighth consecutive annual decrease.

The drop, according to a statement, will be 1%. 

Florida Insurance Commissioner Mike Yaworsky issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for the cut. 

Additionally, federal classes of workers will see a 13.9% decrease in premium levels. The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of Jan. 1, 2025, the release states. 

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“I’m pleased to announce that Florida businesses will see a further reduction in workers’ compensation rates for the eighth consecutive year. Following historic legislative reforms in this space, it is abundantly clear that the workers’ compensation market in Florida is stable and competitive,” Yaworsky says in the statement. "A further reduction in workers compensation rates will assist new and existing businesses in Florida find success."

The decision comes after hosting a public hearing regarding workers' compensation rates in October.

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.