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Workers' Comp Market Improves

When lawmakers in 2003 enacted the first comprehensive set of workers' compensation reforms in a decade, the driving political force was the protest from employers who were up in arms over the lack

By Michael H. Adams | Updated on April 02, 2006

When lawmakers in 2003 enacted the first comprehensive set of workers’ compensation reforms in a decade, the driving political force was the protest from employers who were up in arms over the lack of available and affordable coverage. Now, some two-and-a-half years later, there are strong signs that the legislative intent of the reforms are working, as employers are benefiting from a highly competitive market. Lower rates aside, a reduction in costs, and a stable regulatory environment, are proving to make Florida once again an attractive market (as witnessed by the addition of 16 new carriers into the state since 2004). Now, as further evidence of the market’s successful rebound, the Office of Insurance Regulation has issued a new report that paints a picture of the market making gains both statewide and nationally, which presents the very real possibility that carriers may rack up their best numbers in years.

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