Workers’ Comp Rate Decrease Went Into Effect July 1st, 2013
Due to a recent change in Florida law, workers’ compensation rates in Florida decreased by an average of .7% effective July 1, 2013. We have updated our Class Code search online and have printed new Approved Class Code brochures, which your Marketing/Sales Representative will have when they visit. If you would like a new brochure, please email our Marketing/Sales Department.
NCCI Proposes 1.0% Increase for Florida’s Workers’ Compensation Rates
On August 15, 2013, the National Council on Compensation Insurance (NCCI) delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation (OIR). Based upon its review of the most recent data available, NCCI has proposed an overall average rate increase of 1%, to be effective January 1, 2014.
This is the fourth year in a row NCCI has proposed an increase in rates, after eight straight years of rate decreases.
If approved, the overall average rate impact at an industry group level would be as follows:
|Office & Clerical||+0.3%||-58.1%|
|Goods & Services||+1.1%||-54.3%|
OIR is expected to hold a hearing on the proposed rates in October. We will keep you updated.