NCCI Proposes a 9.6% Work Comp Rate Decrease for Florida
On August 28, 2017, NCCI delivered its 2017 workers’ compensation insurance rate filing to the Florida Office of Insurance Regulation (OIR) and proposed an overall 9.6% average rate decrease covering all industry segments. The recommendation is based primarily upon recent data reflecting an 8% reduction in claim frequency. NCCI noted that the data used is pre-Castellano/Westphal; these two Florida Supreme Court cases changed claimant attorney fee and benefit levels, and were the primary drivers behind a 14.5% rate increase in December of 2016.
The 2018 proposed average rate decrease within each industry segment is as follows:
Office and Clerical: -11.3%
Goods and Service: -10.4%
What to expect going forward:
The NCCI is an independent organization that gives rate actuary recommendations for numerous states; however, Florida OIR now must approve proposed average rate decrease.
The OIR is expected to schedule a public hearing in October.
The National Council on Compensation Insurance (NCCI) recommends the premium level decrease to become effective January 1, 2018.
We will keep you up-to-date on new developments and welcome any questions you may have at this time.
Serving You First
LassiterWare stands ready to assist Florida businesses in minimizing the impact of federal regulation changes on their day-to-day operations by way of our exclusive service offerings:
- Safety & Loss Control Resources
- Human Resources Consulting
- Contractual Risk Transfer Assessments
- Claims Management & Advocacy
Our systematic approach for managing costs will not fall short in delivering exceptional service in your time of need. As your advisement firm, we will always continue to Serve You First.
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