Today’s issue of WorkCompRecap features the Florida Office of Insurance Regulation’s recent release of the 2016 edition of its Workers’ Compensation Annual Report to the Florida Legislature.
Key findings from the report included that the market is competitive and served by a large number of independent insurers, with none having sufficient market share to exert influence on pricing. The report also found no significant barriers to entry or exit from the market for insurers. A small residual market also indicated that the voluntary market was absorbing the majority of demand. The report also noted the effects of recent rulings on attorney fees in the state, some of which were already seen in the Dec. 1, 2016 rate increase. Medical cost drivers, particularly in the areas of drugs, hospital inpatient, and ambulatory surgical centers were also found to be noticeably higher in Florida vs. the countrywide averages.
Find out more (including a link to the free report!) by clicking here!