It's Official: Average Rates Will Increase 14.5%

The Florida Office of Insurance Regulation has issued a final order that grants approval to the National Council on Compensation Insurance for an overall combined statewide average rate increase of 14.5%. The increase applies to new and renewal policies effective Dec. 1. NCCI submitted an amended filing with the agency on Tuesday, the deadline, in response to FLOIR’s Sept. 27 rejection of its proposed 19.6% rate increase, which was fueled primarily by two state Supreme Court decisions that sided with injured workers and their attorneys. For more information about the NCCI public ...