Office Approves a 9.5% Decrease to Florida’s Workers’ Compensation Insurance Rates

Office Approves a 9.5% Decrease to Florida’s Workers’ Compensation Insurance Rates

 

TALLAHASSEE, Fla. – Florida Insurance Commissioner David Altmaier has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall rate level decrease of 9.5% and premium level decrease of 9.8%. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2018.

“I am pleased that today’s approval of NCCI’s rate filing will translate into a decrease in workers’ compensation rates for many Florida employers,” stated Commissioner Altmaier. “The Office will continue to monitor the marketplace and support reforms that provide additional cost savings for Florida’s businesses.”

“Florida’s job creators will no doubt appreciate this significant cost savings, a step that will support our state’s growing economy,” said Florida’s Chief Financial Officer Jimmy Patronis. “I’m pleased to see the cost of business going down, and as the Legislature looks at our workers’ compensation system, I will be working with them on proposals to lock in these lowering

NCCI received this approval after submitting an amended rate filing to the Office on November 7, 2017, which met the stipulations of an Order issued by the Commissioner on October 31, 2017.

For more information about the NCCI public hearing and rate filing, visit the Office’s “NCCI Public Rate Hearing” webpage.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter@FLOIR_comm and Facebook.

Press release from NCCI regarding the pending Workers Compensation Rate Increase of 19.6%.

NCCI proposed that the rate increased rates will apply to all policies in effect on October 1, 2016. Additionally, NCCI proposes that the increased rates will apply to all policies in effect on October 1, 2016 on a pro rata basis through the remainder of the term of these policies (the equals a mid-term rate increase on all Workers Compensation polices). If the rate filing is approved as filed increasing the rates by 19.6% Florida would rank as the highest state in the Southeast.

The rate hearing was today and it will have to go through the approval process with the Office of Insurance Regulation. The Office of Insurance Regulation’s decision will be made in a few weeks.

The Office of Insurance Regulation does not have to approve the rate increase or apply the rate increase as presented.

See the full NCCI Press Release here