The rates have gone down From Oct. 2003 to Jan. 2021, Florida experienced a historical rate level change of -69.9%, according to NCCI.
The Florida Office of Insurance Regulation (OIR) has received the 2022 Florida workers’ compensation rate filing by the National Council on Compensation Insurance (NCCI), which proposes a statewide average premium decrease of 4.9%. The new rates would become effective January 1, 2022.
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.
NCCI is a licensed rating organization authorized to make rate filings on behalf of workers’ compensation insurance companies in Florida. For more information about the filing, read the NCCI 2022 Filing Summary.
We will keep you informed throughout the rate development hearings and announcements.