Florida approves 4.9% workers comp rate cut

The Florida Office of Insurance Regulation on Friday announced a final order approving a 4.9% workers compensation rate decrease recommended by the National Council on Compensation Insurance.

NCCI said in its annual filing that the 2022 rate is based on favorable experience from policy years 2018 and 2019, including decreasing claim frequency.

“Safer workplaces, innovative techniques and improved risk management practices have resulted in the continued decline in workers compensation claims, ultimately benefitting Florida businesses,” Insurance Commissioner David Altmaier said in a statement.

NCCI withdrew a separate filing proposing a catastrophe provision for acts other than terrorism resulting in work comp losses of more than $50 million.

Workers comp is one of the few commercial insurance lines experiencing decreases.