News & Updates


Rate Reduction Proposed for Workers’ Compensation Insurance

Rate Reduction Proposed for Workers’ Compensation Insurance

The Office of Insurance Regulation (OIR) recently commented on the rate filing it received from the National Council on Compensation Insurance (NCCI) proposing a statewide average premium decrease of 2.2%.  The OIR pointed out that the filing includes a statewide average rate decrease of 1.9% and a reduction of the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to $160.

If approved, the new rates will take effect January 1, 2016.  The OIR will review the filing to ensure the proposed changes are not excessive, inadequate, or unfairly discriminatory.  The OIR also will conduct a public hearing on the filing in October.

Florida’s workers’ compensation rates are down 58% since 2003, when the legislature addressed concerns in the workers’ compensation market in 2003 with a wide-ranging set of reforms.