NCCI proposes 5.4% comp premium reduction in Florida
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The National Council on Compensation Insurance has proposed a 5.4% statewide average premium decrease for workers compensation, the Florida Office of Insurance Regulation announced Thursday in a news release.
Boca Raton, Florida-based NCCI filed its proposed workers compensation premium reduction for Florida in a rate filing in late August. If approved by the Florida Office of Insurance Regulation after review, the new rates will take effect Jan. 1, 2020.
According to the filing, Florida has continued to experience significant improvement in loss experience since two 2016 Florida Supreme Court decisions, Castellanos v. Next Door Company, et al. and Westphal v. City of St. Petersburg, et al., which brought about retroactive changes to claimant attorney fee and benefit levels. The last two approved experience filings in the state resulted in a 9.5% rate decrease Jan. 1, 2018, and a 13.8% rate decrease Jan. 1, 2019.
NCCI said in the filing that it believes the court decisions will continue to influence the state’s workers compensation rates.
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