Florida workers’ compensation insurers are recommending an overall average rate decrease of 6.8 percent statewide, which state officials said would save employers more than $166 million.
Florida Insurance Commissioner Kevin McCarty confirmed that he has received the latest rate filing for insurers from the National Council on Compensation Insurance (NCCI) for rates due to become effective Jan. 1, 2010 for new and renewal business.
NCCI attributed the rate decline primarily to a significant reduction in claims frequency, although the rating organization also said there are signs the pace of improvement has moderated.
The Office of Insurance Regulation (OIR) said it will schedule a rate hearing in October.
By industry segment, the rate filing calls for the following decreases:
manufacturing, -4.7 percent; contracting, -10.8 percent; office and clerical, -6.2 percent; goods and services, -3.8 percent; and miscellaneous, -6.7 percent.
If approved, the rate decrease would be the seventh consecutive decline since the Legislature passed reforms to the state’s workers’ compensation system in 2003. The cumulative overall statewide average rate decrease since 2003 would total 63.2 percent.
McCarty said that including this latest filing would rank Florida among the 10 states with the lowest workers’ compensation rates in the country.
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