Florida regulators approve 8.4% decrease in comp rates for 2023

Florida Insurance Commissioner David Altmaier on Monday approved an 8.4% decrease in workers compensation rates for 2023, in accordance with the National Council on Compensation Insurance’s filing.

This is the sixth year of comp rate reductions for employers in the state, according to the Office of Insurance Regulation.

Florida’s chief financial officer Jimmy Patronis said in a statement that the latest reduction will help business owners combat the impact of rising inflation.