Office Statement on Annual Workers' Compensation Rate Filing
TALLAHASSEE – The Office of Insurance Regulation has received the 2016 Florida workers’ compensation rate filing by the National Council on Compensation Insurance (NCCI), which proposes a statewide average premium decrease of 2.2%. This 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. The new rates would become effective January 1, 2016.
The Office will review the filing to ensure the proposed changes are not excessive, inadequate, or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees. A public rate hearing will be conducted in October.
Florida’s workers’ compensation market remains one of the most competitive, efficient, and affordable, thanks in large part to the 2003 legislative reforms. Workers’ compensation rates are currently 58% lower than they were in 2003.
NCCI is a licensed rating organization authorized to make rate filings on behalf of insurers in Florida. For more information about the filing, read the NCCI press release.