Florida Treasurer and Insurance Commissioner Tom Gallagher yesterday announced that workers' compensation premiums may rise by an average of 15 percent next year for many Florida employers, with some employer groups paying as much as a 42 percent rate increase.
Gallagher is recommending rejection of a proposed 21.5 percent rate hike in favor of an 11.9 percent statewide average rate increase effective April 1, 2003. The recommended 11.9 percent average rate change combined with the 2.7 percent average increase approved earlier this year may result in an average rate impact of 15 percent.
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