Florida has the ninth largest volume of insurance premiums in the world — larger than Texas, Canada, even China. Given that volume, decisions made in Tallahassee don't just affect policyholders from the Panhandle to the Florida Keys. Florida's insurance market — and the risk it bears — is of global significance. Recent insurance reforms in our state deserve praise and are especially noteworthy in a market of this magnitude.
Since 2003, when the Florida Legislature passed workers' compensation reforms, the statewide average rate has decreased by 60 percent. The 2003 reforms also provided for enhanced compliance, and in just the past fiscal year, the Department of Financial Services' Division of Workers' Compensation, which I oversee, assessed more than $48.5 million in penalties for non-compliant violations. In broad terms, Florida has gone from being one of the most expensive states for workers' compensation rates to now having a stable market with more affordable rates and enhanced enforcement, to the benefit of both workers and employers.
Florida also has one of the smallest residual markets for auto insurance, which again is impressive considering the volume of drivers in the state.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
