8/25/2024
Florida businesses could see a slight decrease in workers’ compensation insurance rates in 2025, continuing a series of years of lower rates.
The National Council on Compensation Insurance, which makes rate filings for the industry, submitted a proposal Friday to regulators that would lead to an overall 1 percent rate decrease, effective Jan. 1.
A summary by the organization known as NCCI described the workers’ compensation system as “healthy” and said that while “consumer inflation has been elevated, the inflation for workers’ compensation medical costs remained stable.”
It also said a combination of continued claims “frequency declines and moderate benefit costs at or below the level of wage growth, have continued to put downward pressure on overall WC (workers’ compensation) system costs relative to collected premiums.”
The summary said a law passed this year (SB 362) to increase maximum workers’ compensation reimbursements for physicians affected the proposal.
Without the law, it said the proposal would have been for an overall 6.4 percent decrease.
The state Office of Insurance Regulation will review the proposal and can require changes.
Regulators approved a 15.1 percent decrease that took effect this year and an 8.4 percent decrease that took effect in 2023.
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