OIR Cuts Comp Rates by 15.1%

Florida Insurance Commissioner Michael Yaworski approved a National Council on Compensation Insurance recommendation to reduce workers’ compensation rates by 15.1% on policies incepting in 2024. NCCI in August submitted its annual filing with the Office of Insurance Regulation, citing favorable loss experience in recent policy years, higher investment returns and recent updates to the medical fee schedule in support of its proposed rate cut. This is the eighth decrease approved since January 2018 and results in a cumulative reduction of more than 67% over that period. “A decreas...