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January 1, 2019

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Florida businesses could see Workers’ Comp Rates Decline for Third Straight Year

September 3, 2019

 

Florida’s workers’ compensation rates will decline for the third consecutive year in 2020 if the state’s Office of Insurance Regulation (OIR) follows a national insurance rating bureau’s recommendation.

 

The National Council on Compensation Insurance (NCCI) has filed its annual proposal with the OIR that calls for an average 5.4 percent rate decrease for state employers, effective Jan. 1.

 

Following a 14.5 percent increase in 2016, Florida’s workers’ compensation rates have gone down by a combined 13.8 percent since – by 9.5 percent, plus an additional 1.8 percent as a result of the Federal Tax Cuts and Jobs Act (TCJA), in 2018, and by 13.4 percent beginning January 2019.

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