Florida Insurance Office Approves 14.5% Workers’ Comp Rate Increase

Florida Insurance Office Approves 14.5% Workers Comp Rate Increase

Workers’ Comp Rates

The Florida Office of Insurance Regulation (OIR) grants approval of the statewide workers’ compensation rate increase of 14.5% proposed by the National Council on Compensation Insurance (NCCI). The rate increase is set to take effect later this year on December 1st, 2016 for all new and renewal policies. However, the new proposed rate increase will not have an impact on policies currently in force until the next policy term.

NCCI’s initially proposed rate increase was expected to be 19.6% after rulings on three separate court cases earlier this year negatively impacted workers’ compensation rates in the State of Florida. In September, the OIR rejected the 19.6% pro-rata increase in favor of a 14.5% increase.

Reach out to our agency with any questions, or refer to our previous blog posts for more detailed information on the court cases that have impacted the workers’ compensation rates. We can also help determine your future workers’ comp cost, and assist with the implementation of cost saving risk management programs.

For current Workers’ Comp rates, Contact Heacock Insurance

Lakeland and Sebring, Florida