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AIF Statement on Florida’s 14.5% Workers’ Compensation Rate Hike

September 27, 2016

Tallahassee, Fla. – The Associated Industries of Florida (AIF) today issued the following statement from its President & CEO Tom Feeney in regard to the Florida Office of Insurance Regulation (OIR) increasing Florida’s workers’ compensation rate by 14.5 percent for new and renewal policies, which will go into effect on December 1, 2016.

“Since the decision by the Florida Supreme Court on the Castellanos case to return to hourly rate attorneys fees, we knew it was only a matter of time before a significant workers’ compensation rate increase was approved, ultimately hurting Florida employers and injured workers.  And, today’s announcement by Insurance Commissioner David Altmaier to move forward with a 14.5 percent rate hike for new and renewal policies, as a result of the workers’ compensation law being unconstitutional, will do just that. 

“That is why we at AIF, created the ‘Florida Workers’ Compensation Strategic Task Force’ with esteemed members of our state’s business community to help restore a stable, self-executing and affordable workers’ compensation system in Florida as the Florida Legislature intended all along.  With NCCI’s estimate of over $1 billion in unfunded liabilities that are slated to be assumed by the insurance industry, Florida is on the verge of finding itself right where it was in 2003 with some of the highest workers’ compensation rates in the nation.  We must make sure this doesn’t happen by developing sound solutions to our state’s workers’ compensation system.  Injured workers must be allowed to get healthier; not trial lawyers allowed to get wealthier.”

Known as “The Voice of Florida Business” in the Sunshine State, AIF has represented the principles of prosperity and free enterprise before the three branches of state government since 1920. A voluntary association of diversified businesses, AIF was created to foster an economic climate in Florida conducive to the growth, development, and welfare of industry and business and the people of the state.

For more information on AIF, please visit AIF.com and follow @VoiceofFLBiz.

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