Tallahassee, FL – The Florida Office of Insurance Regulation (Office) has released the 2016 Workers’ Compensation Annual Report to the Florida Legislature. The Office is required by law to annually evaluate competition in the workers’ compensation market and to investigate and use data in its review of associated rate filings.
The report provides analysis of the following areas:
- The competitive structure of the workers’ compensation market in Florida by comparing select key financial performance ratios, the number of insurers actively participating in the market along with their respective market positions, and the number of insurers entering and exiting the market.
- The availability and affordability of workers’ compensation insurance in Florida. This includes an analysis of rate changes in Florida’s admitted market, as well as, the rating structure existing in the FWCJUA and other data relative to the health and size of the FWCJUA.
- The market structure in Florida, which includes the market concentration in Florida compared with other states, the entry and exit of insurers from the Florida market, and insurer insolvencies.
- Documentation of the Office’s compliance with Section 627.096, Florida Statutes, by investigating all workers’ compensation carriers operating in Florida.
- A comparison of pure loss costs for the 10 largest workers’ compensation class codes for Florida compared to the other states using the National Council on Compensation Insurance (NCCI) as their statistical rating organization.
The complete report is available here: FL OIR 2016 Workers’ Compensation Annual Report (PDF)
Source: FL OIR