Proposed 5.4% Reduction in Workers’ Compensation Rates

September 26, 2019 by on News

In its latest filing, the National Council on Compensation Insurance (NCCI) has proposed a statewide average premium decrease of 5.4%. If approved, the new rates would become effective Jan. 1, 2020.

In the wake of the cases of Castellanos v. Next Door Company and Westphal v. City of St. Petersburg, the NCCI and regulators agreed on a 14.5% rate increase. However, rates have since decreased due to what the NCCI has attributed to underwriting discipline, moderating severity, declining frequency and adequate reserves that has resulted in five straight years of combined rations under 100%. While claim costs (attorney fees in particular) have increased, overall loss experience has improved.

Click here to see NCCI Florida Rate Filing Narrative 2020

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