Where's the bottom?
That's what workers' compensation insurers in Florida are asking about the price of coverage. They thought they were there earlier this year following a state-mandated 18.4 percent rate rollback. That decrease marked the fifth consecutive year of rate cuts.
But prices are still not low enough, the National Council on Compensation Insurance (NCCI) says. In August, the agency filed for a 14 percent overall rate cut to take effect Jan. 1st. The state's Office of Insurance Regulation plans to hold a rate hearing in mid-October, but regulators already appear giddy about giving employers another early Christmas present. "These lower workers' compensation rates will have a positive impact on every segment of our marketplace," said Insurance Commissioner Kevin McCarty. "It is great news for business owners and their employees."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
