Florida set to approve 6.1% workers compensation rate hike

Florida Insurance Commissioner Kevin McCarty announced Friday that he intends to approve a 6.1% workers compensation rate increase effective Jan. 1, 2013.

The commissioner said his decision was based on information submitted in a National Council on Compensation Insurance rate filing and testimony provided during a rate hearing.

“NCCI has provided sufficient evidence to support a rate increase based on a variety of cost factors experienced in the marketplace,” the commissioner said in a statement. “Even with this rate increase, Florida’s rates are still 56% below the rates prior to the 2003 reforms, and are competitive with other states nationally. However, I look forward to working with Florida’s policymakers during the upcoming legislative session to address cost drivers in the system.”