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Prestige Insurance Group, Inc.

Florida FlagState regulators have released a report touting Florida's competitive workers-compensation insurance market, though it also raised the possibility of lawmakers taking steps to reduce the system's medical costs. The Office of Insurance Regulation provides an annual report on the workers-compensation market to legislative leaders.

The report released on December 23rd said Florida has a large number of workers-compensation insurers and that none of the carriers has enough market share to drive prices.

"There are no significant barriers for the entry and exit of insurers into the Florida workers' compensation market and based on the record of new entrants and voluntary withdrawals with no market disruptions, the Florida workers' compensation market is competitive, well capitalized and robust," the report said.

Rates in the workers-compensation system plummeted after lawmakers passed a wide-ranging overhaul in 2003.

The report said rates, as of January 2015, will be 58.3 percent below what they were before the 2003 changes. But it also raises the possibility that lawmakers could reduce rates further by addressing certain types of health-care costs in the system.

"Medical cost drivers, particularly in the areas of drugs, hospital inpatient, hospital outpatient and ambulatory surgical centers...are noticeably higher in Florida than a countrywide average," the report said. "Legislative reform in the reimbursement of these services could produce substantial savings for Florida employers."

Protect your business. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami workers compensation insurance.

(Article courtesy: The News Service of Florida)
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