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Rate decrease is justified by serious frequency declines. I haven’t looked that deep into the NCCI filing, but I think the indicated rate change is what was approved. I think the problem for the brokers is that because the state sets rates, insurers can only compete by cutting excess profits/commissions. Cut the excess profit statute BS and insurers will be be reasonably happy.
The rate decreases along with the downturn in construction over the last 4 years has devastated broker income in Florida. Oh well we must sell our way out of this one as well. If you can make it in Florida with this economy you can make it anywhere and anytime.
Will we be bailing out the WC carriers next?
The rising loss ratios, falling revenues and descending profits (if any) of the major Florida WC players in about 6 months. Even now, FCCI is losing it’s a$$. Others to follow, just like the Florida HO and commercial property carriers. No big claims, no big chaos just government mandated artificially low WC rates. Way to go government!