Reports: NCCI recommends 15.1% Rate Cut

The National Council on Compensation Insurance is recommending that the Florida Office of Insurance Regulation reduce workers’ compensation rates by an average of 15.1%, effective Jan. 1, 2024. The recommended rate cut is based on favorable loss experiences in policy years 2020, 2021 and 2022. NCCI said the proposed rate change also reflects recent updates to the medical fee schedule and a lower profit and contingency factors based on anticipated higher investment returns with current interest rates. “This year’s trend analysis included consideration of potential upwar...