An overall rate reduction of 18.4 percent for workers' compensation insurance in Florida went into effect on Tuesday, state officials said.
The new rate level was approved by the Office of Insurance Regulation, which said in a statement that this marked the fifth consecutive year of workers' comp rate decreases.
OIR added that the newest rate reductions will give Florida businesses a cumulative decrease of 51.4 percent since legislative reforms were enacted in 2003.
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