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NOV 06 Editorial Workers Comp Rates The Great Example

Good news in the insurance world is rare in the Sunshine State. Health-care costs are up, the auto personal injury protection debate continues, and then there is the ongoing drumbeat of bad news from

By staff Writer | Updated on October 31, 2006

Good news in the insurance world is rare in the Sunshine State. Health-care costs are up, the auto personal injury protection debate continues, and then there is the ongoing drumbeat of bad news from the property market, which remains one good hurricane away from falling into the abyss. For a moment, however, those concerns can be pushed aside as businesses can look forward to saving more than $400 million next year after Insurance Commissioner Kevin McCarty ordered a 15.7 percent workers’ compensation rate cut.

Normally, when an insurance commissioner offers up a double-digit rate cut in any line of insurance, it gets people’s attention and is usually good for one or two days of positive stories in the media. This year, however, it seems McCarty’s announcement has been greeted by one giant yawn, or greater yet, silence. A silence that is almost mystifying given the fact that no class of insureds in recent years has benefited more from an act of the legislature than workers’ compensation policyholders. After facing double-digit increases and scrambling for coverage before the 2003 reforms, employers now have a wide variety of available and affordable coverage, the likes of which homeowners can only dream. Seeing how this is the case, why does it seem that news of the rate change ranks somewhere between the obituaries and the used-car ads?

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