NCCI Recommends 1% Rate Cut

The National Council on Compensation Insurance recommended that the Florida Office of Insurance Regulation reduce workers’ compensation rates by an average of 1%, effective Jan. 1. NCCI said in a summary of the proposed rate filing that lost-time claim frequency has continued to decrease in Florida, resulting in improved loss experience despite increases in average claim costs in policy years 2021 and 2022. The rate cut would have been larger but for the projected costs of SB 362. The bill that Gov. Ron DeSantis signed in June increased the maximum reimbursement for physicians from 110...