OIR Approves 8.4% Rate Decrease

Florida Insurance Commissioner David Altmaier on Monday approved the 8.4% workers’ compensation rate decrease recommended by the National Council on Compensation Insurance for policies incepting on or after Jan. 1. NCCI in the rate filing submitted in August said data for policy years 2019 to 2021 show favorable experience with lost time claim frequency generally declining in recent years. Average indemnity costs per claim have been relatively consistent, while medical costs have been more volatile, according to NCCI. The 8.4% rate cut is the seventh consecutive decrease approved s...