Several states seek workers comp rate hikes for 2014Posted On: Oct. 23, 2013 12:00 AM CST
As states across the country analyze workers compensation costs, officials in several states are reviewing requests for rate hikes.
Florida Insurance Commissioner Kevin McCarty rejected a request Wednesday to raise workers comp rates in Florida by 1%, but said he would approve a 0.7% increase.
The request by the Boca Raton, Fla.-based National Council on Compensation Insurance Inc. to raise rates by 1% in Florida is not justified, the commissioner said in a statement. But the NCCI can resubmit its rate filing and a 0.7% hike would be approved to be effective Jan. 1, 2014, he said.
Meanwhile, in Colorado the state's Division of Insurance announced Tuesday that workers comp loss costs will rise 2.6% for 2014. In comparison, 2013 costs rose 5.2% in the state.
“Increasing claim costs and increasing frequency of claims continue as trends,” Commissioner of Insurance Marguerite Salazar said. “However, Colorado employers and employees continue to improve safety and reduce losses.”
NCCI, meanwhile, is a seeking a 3.9% rate decrease in Alaska and a 3.2% increase in Arizona.