The National Council on Compensation Insurance is recommending an average 8.4% cut in workers’ compensation rates for the Florida voluntary market – the seventh straight reduction and double the size of the decrease for this year.
The recommendation, which will be reviewed by the Florida Office of Insurance Regulation, was based on Florida insurers’ favorable experience and trends in 2019 and 2020, as of the end of 2021, the NCCI said in a summary of its filing. The analysis found that lost-time claims have declined over the last eight years and indemnity costs have remained relatively consistent, although medical costs have been slightly more volatile.