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Member, Beacon International Group, Ltd.
TALLAHASSEE, Fla.—NCCI Holdings Inc. on Thursday asked Florida Insurance Commissioner Kevin M. McCarty for an 8.9% workers compensation rate increase effective Jan. 1, 2012.
The Boca Raton, Fla.-based rating organization said claims frequency has turned up after years of decline, while loss experience has deteriorated and the benefits from reforms adopted in 2003 have ended.
“As a result, it has been necessary to adjust the very optimistic outlook, or trend, underlying rates to reflect that significant ongoing experience improvements (from the reforms) are no longer occurring and are no longer expected,” NCCI said in a statement.
In October 2010, Florida’s insurance commissioner approved a 7.8% increase in workers comp rates for 2011, slightly less than the 8.3% increase that NCCI sought.