Florida businesses could see a big cut in workers’ compensation insurance rates in 2024. The National Council on Compensation Insurance, which makes rate filings for workers’ compensation carriers, has proposed an overall 15.1 percent rate decrease that would take effect Jan. 1, according to information released Friday.
The Florida Office of Insurance Regulation will review the proposal before making a final decision on rates. The proposal, filed Thursday, would continue a series of years with lower workers’ compensation rates. Regulators approved an overall 8.4 percent decrease that took effect this year.
The National Council on Compensation Insurance, known as NCCI, said in a summary of the new filing that it was based on claims experience in the 2020 and 2021 policy years.
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“Favorable loss experience has been observed in each of these time periods, a primary driver of the rate decrease proposed in the filing,” the summary said. NCCI also said the workers’ compensation system nationally remains “healthy.”
Bill Herrle, state director for the National Federation of Independent Business in Florida, released a statement praising the proposal and saying it could help small businesses that are grappling with inflation and increased costs to hire workers.
“Workers’ comp premiums are directly tied to payroll, so this proposed rate cut sounds like a win-win for Florida’s small business owners and their employees,” Herrle said.
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