Florida businesses will most likely see their workers’ compensation rates decrease in the calendar year 2019.
The National Council on Compensation Insurance (NCCI) has informed the Florida Office of Insurance Regulation that, because there were fewer on-the-job accidents in the last couple of years, workers’ compensation rates should be decreased by an average of -13.4%.
We will know the exact amount of the rate decrease after the Florida Office of Insurance Regulation holds a public hearing in October to discuss NCCI’s rate request and the Insurance Commissioner then issues his formal decision. If the proposed rate decrease is approved, it will take effect January 1, 2019 and will apply to workers’ compensation policies as they are issued or renewed on or after that date.
Please note: The -13.4% decrease is an average rate decrease across all industry types. The rate change for your specific workers’ compensation policy may be different.