NCCI Proposes 6.8% Reduction For Fla. Comp Rates

NU Online News Service, Aug. 20, 3:21 p.m. EDT

The National Council on Compensation Insurance said it is proposing an overall rate level decrease of 6.8% for workers' compensation insurance in Florida.

NCCI's filing was delivered to the Florida Office of Insurance Regulation, which is expected to schedule a public hearing on the recommendation for October.

The NCCI proposed rates that would be effective January 1, 2010, citing as reasons for a decrease, a continued, although somewhat moderated, decrease in claims frequency and a drop in the average claim cost.

It is the seventh experience-related decrease NCCI has proposed since Florida workers compensation rates hit a high point prior to comp reform legislation in 2003.

Assuming the filing is approved as proposed, the overall average rate impact at an industry group level would be as follows:

Manufacturing, -4.7 percent; contracting, -10.8 percent; office and clerical, -6.2 percent; goods and services, -3.8 percent; and miscellaneous, -6.7 percent.

Florida Insurance Commissioner Kevin McCarty reacted positively to the NCCI proposal, "I am very pleased to receive another request for a reduction in workers' compensation rates,This is welcome news to Florida employers during these challenging economic times," he said.