December 2023 • Florida Pool Prosm 19 By David Griffiths, Insurance by Ken Brown / dgriffiths@insbykenbrown.com Florida approves 15.1% decrease in workers' compensation rates Businesses in Florida will pay an average of 15.1 percent less in workers’ compensation insurance rates starting January 1, 2024. Florida Insurance Commissioner Michael Yaworsky issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 15.1 percent. The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2024. Note: Class code 5223 Swimming Pool Construction is reduced by 20.7 percent and class code 9014 Swimming Pool Service is reduced by 12.7 percent. “I’m pleased to announce that Florida businesses will see a reduction in workers’ compensation rates for the seventh consecutive year,” said Insurance Commissioner Michael Yaworsky. “It’s clear the workers’ compensation market in Florida is stable and competitive; I’m confident lower workers’ compensation rates will assist in ensuring that all of Florida’s businesses have the opportunity to succeed in our state.” “As a former small business owner myself, I’m always working to support Florida’s small businesses and entrepreneurs. A decrease in workers’ compensation rates means lower insurance costs for employers, allowing them to put more money back into their business, where it belongs,” said Chief Financial Officer Jimmy Patronis. “I’m pleased that Florida’s business owners will benefit from another year of rate relief and look forward to keeping Florida the best place to live, work, and run a business.” “Today’s announcement means more cost-saving opportunities for every business operating in Florida,” saidAgriculture Commissioner Wilton Simpson. “Florida is committed to supporting small businesses and I look forward to seeing another year of reduced workers’ compensation rates.” The filing, which was approved by the Florida Office of Insurance Regulation, follows an 8.4 percent decrease recommended last year, a 4.9 percent INSURANCE UPDATE
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