The Florida Office of Insurance Regulation approved a statewide 1% reduction in workers' compensation insurance rates, according to a final order issued this week by state Insurance Commissioner Mike Yaworsky. The decrease was proposed by the National Council on Compensation Insurance, or NCCI, earlier this year. Florida businesses have consistently experienced declining workers' compensation rates in recent years, with a 15.1% rate drop in 2024 and an 8.4% decrease in 2023. Earlier this year, lawmakers passed and Gov. Ron DeSantis signed a bipartisan bill (SB 362) aimed at increasing the number of providers willing to treat workers' compensation patients by boosting reimbursement rates, which regulators said prevents a larger drop in rates this year. Slated to take effect Jan. 1, the new law increases the pay doctors get to 175% of the Medicare rate, with surgeons qualifying for a maximum reimbursement rate of 210%. The measure also boosts reimbursement rates for medical expert witnesses who testify in workers' compensation cases. NCCI said that without the new law, its proposed overall rate decrease would have been 6.4%. "I'm pleased to announce that Florida businesses will see a further reduction in workers' compensation rates for the eighth consecutive year," Yaworsky said. "Following historic legislative reforms in this space, it is abundantly clear that the workers' compensation market in Florida is stable and competitive." The recently-approved 1% statewide reduction will apply to new and renewal policies starting Jan. 1, 2025. OIR Press release / Insurance Journal / Florida Politics / Florida Phoenix / Florida Channel (Video)