Florida Approves 5.2% Rate Cut for Workers’ Comp

The Florida Office of Insurance Regulation has approved an overall decrease of 5.2 percent in workers’ compensation insurance rates in Florida, the first decrease in four years.

As expected, The National Council on Compensation Insurance (NCCI), which represents about 250 insurers, submitted a new rate filing at the direction of the OIR, following OIR’s disapproval of NCCI’s rate filing request for an average 3.3 percent decrease.

Insurance Commissioner Kevin McCarty signed the final order making the new rates effective January 1, 2015 for both new and renewal policies.