The repressed economy, record unemployment, and a polarizing health-care debate have pushed workers' compensation insurance off the radar screen in Florida — perhaps too soon. Although the legislative reforms enacted in 2003 brought stability to the state's once-chaotic workers' compensation system, it is still a work in progress. Today, sweeping rate cuts and premium contraction driven by the recession have combined to reduce premium volumes to an unforeseen low.
In this climate, survival will go to the fittest. Well-run workers' compensation companies will use these difficult times to get better. They will continue to invest in areas that improve their operations and help them remain fiscally responsible for the long term. Carriers willing to do the hard work now to reduce claims costs — without sacrificing service — will continue to prosper.
The Reform That Worked
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