NCCI Proposes FL Rate Increase of 21.5%

On Friday, August 23, 2002, rate making agency NCCI delivered its annual workers' compensation rate filing for the Florida voluntary market. These rates, which are proposed to be effective January 1, 2003, reflect an increase of 21.5% from the current rates that became effective August 1, 2002.NCCI identified the key components and the percentage of change in those components as follows: Experience, Trend and Benefits - 7.6%; Loss Adjustment Expense - 2.5%; Production and General Expenses - 1.0%; Taxes and Assessments - 1.0%; Profit and Contingencies - 10.1%.There is no change in the expense ...