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NCCI Holdings Inc. says increasing workers compensation claim frequency in Florida and rising prescription drug costs are the basis for a 6.1% rate increase requested in the state for 2013.
The Boca Raton, Fla.-based ratings and research organization submitted its rate filing to the Florida Office of Insurance Regulation in August. The new rate would take effect Jan. 1 if approved.
In a state advisory forum presentation Tuesday, NCCI said Florida's 2012 workers comp rates are “inadequate” to cover the state's declining loss experience. While Florida previously had experienced years of improved loss experience, that trend has since stopped, NCCI said.
NCCI pinpointed drug repackaging as a significant cost driver for Florida’s comp system. It also noted that Florida’s claim frequency increased in 2009 and 2010 after nine years of decline.
According to NCCI’s presentation, contractors would see a 7.4% average rate increase for 2013 if the rate filing is approved, while goods and services companies could see a 6.7% average increase.
Average comp rates would increase by 4.8% for Florida manufacturers and 4.3% for office and clerical companies, NCCI said.