2.2% workers comp rate decrease recommended for FloridaReprints
The National Council on Compensation Insurance Inc. has recommended a 2.2% overall average decrease in Florida’s workers compensation rates, the state’s Office of Insurance Regulation said.
The proposed decrease includes a 1.9% overall average rate cut, a reduction in the expense constant from $200 to $160, and changes to minimum premiums, the office said in a statement Friday.
Boca Raton, Florida-based NCCI said in a Thursday statement that Florida’s workers comp insurance rates are “stable and commensurate with other southeastern states.”
Loss experience in recent policy years shows overall improvement, and indemnity and medical trends have declined, according to NCCI’s statement.
The Florida Office of Insurance Regulation “will review the filing to ensure the proposed changes are not excessive, inadequate, or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees,” the office said in its statement.
A public rate hearing will be conducted in October. If approved, the 2.2% overall average premium decrease will take effect Jan. 1, 2016.