insurance rates

LHatter / WFSU News

Update 7/24/15:   More information on Florida rates under the Affordable Care Act. The Florida Office of Insurance Regulation hasn't released information on more than 12 other health insurers. According to its website, "displayed rate changes may not fully reflect increases and decreases due to claims of trade secret." There are several companies that have posted requests but they are blocked. OIR handles all proposals, but those over 10 percent are posted to CMS. The state has blocked the requests from insurers who have requested rate increases under 10 percent of which several are pending.

After three years of increases in Florida’s workers' compensation insurance rates, state regulators are recommending legislative action to bring costs back down. The Office of Insurance Regulation addressed its concerns in a report it released on Wednesday. 

On Jan. 1, the state saw a 6.1-percent workers' comp rate increase go into effect. It’s the third year in a row regulators have approved an increase, following several years of decreases.

The workers-compensation insurance rate that Florida businesses pay could be going up, starting in January. The Florida Office of Insurance Regulation held a hearing on Thursday to consider the proposed rate increase.The hike would raise the average policy premium by a little more than 6 percent.

After workers-compensation reform had driven rates lower in Florida for years, they started going up in the past three years.

Lori Lovgren, who’s with the rating agency that’s recommending the increase, says that’s because cost-saving measures have become ineffective.

A preliminary report shows Florida’s new auto insurance reform law will actually save policy holders some cash. But, those projected savings could still depend on factors outside the scope of the law.