Florida workers’ compensation rates could see 15.1 percent reduction
- TheCapitolist
- Aug 28, 2023
- 1 min read
August 28, 2023
The National Council on Compensation Insurance (NCCI) has proposed a 15.1 percent reduction in workers’ compensation insurance rates for businesses providing coverage in Florida.
The proposal is based on data analysis from Policy Years 2020 and 2021, indicating positive loss experiences during this period and reflecting the impact of the ongoing COVID-19 pandemic.
Nationally, the workers’ compensation system across the nation reflects positive trends, with the NCCI reporting that lost-time claims relative to premium payments recorded a 4 percent decline compared to the year prior
The National Council on Compensation Insurance (NCCI) put forth a proposal on Friday for adjustments to workers’ compensation insurance rates in Florida, potentially taking effect at the beginning of the next calendar year.
The proposal recommends a reduction of 15.1 percent in the rates applicable to businesses that provide workers’ compensation coverage. The suggested reduction is predicated upon an analysis of data derived from Policy Years 2020 and 2021, according to a report filed by the organization, extending up until the end of 2022.
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