Citing improved claims frequency and loss development, the National Council on Compensation Insurance (NCCI) has said that Florida's workers' compensation rates should be lowered.
In its annual workers' compensation rate filing to the Florida Office of Insurance Regulation (OIR), NCCI proposed, based upon its review of the most recent data available, an overall workers' compensation rate level decrease of 6.8 percent effective Jan. 1, 2010.
NCCI noted that this is the seventh experience-related decrease it has proposed since the workers' compensation reforms of 2003. Previous rate reductions approved by OIR in the intervening years were:
14.0 percent - Oct. 1, 2003
5.1 percent - Jan. 1, 2005
13.5 percent - Jan. 1, 2006
15.7 percent - Jan. 1, 2007
18.4 percent - Jan. 1, 2008
18.6 percent - Jan. 1, 2009
NCCI presented its report in late August. The OIR is expected to schedule a public rate hearing in October.
