Third year in a row NCCI proposes rate increase for Florida’s Workers’ Compensation Rates
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NCCI has proposed an overall average rate increase of 6.1%, effective January 1, 2013, based upon its review of the most recent data available. According to NCCI, claim frequency was up significantly in 2009 and 2010 following several years of significant declines.
This is the third year in a row NCCI has proposed an increase in rates, after eight straight years of rate decreases. If the filing is approved as proposed, the cumulative rate decrease since 2003 would be -56%. OIR is expected to hold a hearing on the proposed rates in October.
If approved, the overall average rate impact at an industry group level would be as follows:
1/1/13 Filing 10/1/03-1/1/13
Manufacturing +4.8% -51.8%
Contracting +7.4% -58.6%
Office & Clerical +4.3% -58.1%
Goods & Services +6.7% -54.4%
Miscellaneous +5.6% -54.0%
TOTAL +6.1% -56.0%
(Photo credited to gov.cbia.com)
DISCLAIMER: Because of the generality of this update, and based on particular situations, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© Connelly, Carlisle, Fields & Nichols 2012