The downward trend for Florida workers’ compensation rates is set to continue next year thanks to favorable loss experiences from policy years 2017 and 2018.
The latest filing from the National Council on Compensation Insurance (NCCI) proposes an average statewide rate decrease of 5.7% in the voluntary market. It will take effect Jan. 1, 2021 if approved by the Florida Office of Insurance Regulation, which is currently reviewing the proposed rates.
NCCI is a licensed rating organization authorized to make recommended rate filings on behalf of workers compensation insurance companies in Florida.
“As always, OIR will review the filing to ensure the proposed changes are not excessive, inadequate or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees,” the Florida Office of Insurance Regulation said in a statement.
The filing is based on experience data as of year-end 2019 from policy years 2017 and 2018.
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