Statewide Overall Decrease of 7.5% Approved for Florida Workers’ Comp Rates

November 21, 2019

Florida Insurance Commissioner David Altmaier has issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 7.5% for Florida workers’ compensation insurance rates. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2020.

“Florida is an ideal place to do business, and I am committed to keeping our workforce and economy strong,” said Governor Ron DeSantis in a press release issued by the Florida Office of Insurance Regulation. “This decrease in workers’ compensation rates is very good news for employers and one more reason for companies to be located in our great state.”

Altmaier stated in the release that increased innovation in workplace practices and continued emphasis on safety for employees has meant a decline in the workers’ compensation claims, and Florida businesses will see the results of those efforts reflected in their insurance rates.

“Florida businesses are the backbone of our economy and when they see cost savings, our local communities benefit,” added CFO Jimmy Patronis in the release. “Affordable workers’ compensation insurance means more workers are protected. It is great to see the costs of this coverage continue to decrease for those businesses who call Florida home.”

Commissioner Altmaier approved the NCCI amended rate filing, which met the stipulations of the Order on Rate Filing issued by the Commissioner on October 24, 2019.

Source: The Florida Office of Insurance Regulation

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