Florida Insurance Commissioner Kevin McCarty announced that he has approved the National Council on Compensation Insurance's (NCCI) amended rate filing for workers' compensation insurance rates. McCarty ordered the NCCI to make an amended filing to reduce the rates of workers' compensation insurance in Florida by 18.4 percent, a further reduction from the originally proposed 16.5 percent decrease. The new rate will become effective Jan. 1.
The final, 18.4 percent reduction is estimated to produce a savings of over $700 million for Florida employers. McCarty had asked the NCCI to amend the filing, citing disagreements with the methodology NCCI used to calculate trend factors. Trend factor incorporate changes in wages, paid losses, and claims frequency.
Prior to the legislative reforms in 2003, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers' compensation rates; however post-reform, Florida has dropped out of the top-10 ranking. This 2008 change could drop Florida as far as the mid-20s, depending on the rate changes in other states.
Are you in the market for Workers' Compensation in Florida? If so, contact us for free, no-obligation quote.
The final, 18.4 percent reduction is estimated to produce a savings of over $700 million for Florida employers. McCarty had asked the NCCI to amend the filing, citing disagreements with the methodology NCCI used to calculate trend factors. Trend factor incorporate changes in wages, paid losses, and claims frequency.
Prior to the legislative reforms in 2003, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers' compensation rates; however post-reform, Florida has dropped out of the top-10 ranking. This 2008 change could drop Florida as far as the mid-20s, depending on the rate changes in other states.
Are you in the market for Workers' Compensation in Florida? If so, contact us for free, no-obligation quote.