National Council on Compensation Insurance Files Overall Florida Rate Increase of 8.3 Percent, Effective January 1, 2011
Aug 18, 2010
The National Council on Compensation Insurance (“NCCI”) delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation today, August 18, 2010.
Based upon its review of the most recent data available, NCCI has proposed an overall workers’ compensation rate level increase of 8.3 percent, effective January 1, 2011.
The following reasons were cited for the proposed rate increase:
- Florida claims experience has deteriorated slightly in the last two years. However, the resulting indicated experience change (+3.4 percent) is within the range of a typical annual adjustment.
- The forecast for Florida workers’ compensation has been changed from an extremely favorable outlook to a favorable outlook. Adjusting to less negative trends results in a positive rate impact (+3.9 percent).
According to NCCI, even if the proposed increase is implemented, Florida will likely retain the distinction of being among the 10 states with the lowest workers compensation rates in the country. Excluding the Murray v. Mariner-related filings, this is the first filed increase since prior to Florida’s 2003 workers’ compensation reform. Since then, there have been eight decreases.
A document released today by NCCI containing further details about the filing is attached for review.
Should you have any comments or questions, please contact Colodny Fass.