NCCI Proposes 9% Increase for Florida’s Workers’ Compensation Rates
On August 18, 2011, the National Council on Compensation Insurance (NCCI) delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation (OIR). Based upon its review of the most recent data available, NCCI has proposed, effective January 1, 2012, an overall rate increase of 8.9%. OIR is expected to hold a hearing on the proposed rates in October. We will keep you updated.
According to NCCI, claim frequency was up significantly in 2009 following several years of significant declines. NCCI’s preliminary data for 2010 also shows claim frequency up even further.
The cumulative impact of the rate decrease after the 2003 workers’ compensation reform was -64.7%. Assuming the filing is approved as proposed, the cumulative impact would be -58.6%. Florida would continue to rank among the 20 states with the lowest workers’ compensation rates nationally.