Florida Workman’s Comp Rate Reduction
Just a heads up for our Florida relationships. Keep in mind for your pricing, costing, profit planning for next year. Everything helps! Tony
Proposed Workers’ Compensation Rate Reduction!
The National Council on Compensation Insurance (NCII) has delivered its annual rate filing recommendation to the Florida Office of Insurance Regulation (OIR).
Based upon its review of the most recent data available, NCCI has proposed an overall rate level decrease of 16.5%, effective January 1, 2008. If approved, it will be the fifth consecutive drop – a cumulative overall statewide average rate decrease of 50.4 percent.
The previous rate reductions approved by the OIR are as follows:
- 10/1/03 (-14.0%)
- 1/1/05 (-5.1%)
- 1/1/06 (-13.5%)
- 1/1/07 (-15.7%)
Assuming the filing is approved as proposed, the overall average rate impact at an industry level would be as follows:
|
|
1/1/08 Filing |
Cumulative 10/1/03 – 1/1/08 |
|
Manufacturing |
-15.6% |
-46.4% |
|
Contracting |
-16.0% |
-50.9% |
|
Office and Clerical |
-19.4% |
-49.6% |
|
Goods and Services |
-17.1% |
-50.4% |
|
Miscellaneous |
-13.2% |
-51.8% |
|
Total |
-16.5% |
-50.4% |
The OIR is expected to schedule a public rate hearing in October,
