TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has released the 2013 Workers’ Compensation Annual Reportto the Florida Legislature. The report evaluates competition in Florida’s workers’ compensation market.
The Office’s analysis of 2012 data found that of the six most populous states, Florida is one of two states where private market insurers dominate the market. Florida also ranked fourth nationally with over $2 billion in written premium in the workers’ compensation market. In conclusion, the report found the market is not overly concentrated and remains competitive.
The report was completed pursuant to Section 627.096, Florida Statutes, which requires the Office to investigate and study the data, statistics, schedules, or other information, as it deems necessary to assist in its review of workers’ compensation rate filings. For more information on workers’ compensation in Florida, visit the Workers’ Compensation webpage or click here to access previous workers’ compensation annual reports from 2004 – 2012.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm andFacebook.