Florida Workers’ Comp Clients Will See Rate Decreases
The Florida Office of Insurance Regulation has recently approved a workers’ compensation rate decrease of 13.8 percent. This is a slightly larger change that was originally proposed by the National Council on Compensation Insurance (NCCI) at 13.4 percent.
NCCI is to formally amend the rates by November 7, 2018 for an effective date of January 1, 2019. The change will impact both new and renewal business and will follow a 9.5 percent rate workers’ compensation decrease that took effect this year.
Approval of a revised rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order.
Said the order, signed by Insurance Commissioner David Altmaier, “NCCI provided testimony at a prior hearing that claim frequency decline for workers’ compensation is not unique to Florida and that for a number of years frequency has been declining countrywide similar to Florida. NCCI also testified that claim frequency decline is due, in part, to safer workplaces, enhanced efficiencies in the workplace and increased use of automation and innovative technologies. According to NCCI’s testimony, the decline is expected to continue in the future.”
For information about GIGA Solutions’ workers’ comp solutions, please visit: https://www.gigasolves.com/commercial-insurance-products/workers-compensation/