NCCI Recommends 6.9% 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 6.9%, effective Jan. 1. Improved loss experience in policy years 2022-2024, the result of continued decreases in claim frequency, was the primary driver of the recommended rate decrease. NCCI said claim frequency decreased at a faster pace in 2024 than the long-term average rate of decline. Average medical and indemnity claim severity increased in 2024.  Although inflation drove some of the increase in medical costs, the...