NCCI Calls for 7th Consecutive Rate Cut, Now 6.8%

The National Council on Compensation Insurance (NCCI) on Thursday called on Florida Insurance Commissioner Kevin McCarty to cut rates next year by 6.8% — continuing a trend that has spawned 63.2% in reductions since lawmakers overhauled the workers' compensation system in 2003.NCCI said in its filing the reduction constitutes the seventh rate cut since a sweeping set of reforms took effect on Oct. 1, 2003. NCCI cited a continuing decline in claims frequency that has outpaced the nation."Claims frequency continues to improve (i.e. fewer claims), although there are signs that the pace ...