August 20, 2022

Workers' comp rates could dip 6.6 percent

Florida employers could see an average 6.6 percent decrease in workers’ compensation insurance rates in 2021.

The National Council on Compensation Insurance, which makes rate filings for the industry, proposed an average 5.7 percent decrease in August. But state Insurance Commissioner David Altmaier last week issued an order that did not approve the 5.7 percent cut and directed the organization known as NCCI to make a new filing with a 6.6 percent reduction.

NCCI made that revised filing, which was being reviewed Wednesday by the Office of Insurance Regulation.

The revised rates would take effect Jan. 1.

Altmaier’s order last week noted that the “workers’ compensation marketplace has reported underwriting profit during the last six years, due in part to safer workplaces and a long-term shift from manufacturing to service sectors. Trends in Florida mirror nationwide experience.”

Tags: News Service of Florida

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