The National Council on Compensation Insurance had filed for rates that would have been about 16 and a half percent lower statewide, but Insurance Commissioner Kevin McCarty said the proposed decrease was not enough.
The council then filed a plan reducing rates by 18.4 percent. McCarty approved the filing today. It becomes effective January first.
Industry and regulatory officials say that since a state law changed in 2003, the frequency of injured workers' claims has decreased, mainly because of less fraud and abuse. Rates have dropped more than 50 percent cumulatively since then.
McCarty's office estimates that next year's reduction will produce a savings of over $700 million for Florida employers. The reduction is the fifth consecutive decrease in rates since the new law took effect.
The council produces and files rates for insurers in many states.