The National Council on Compensation Insurance, Florida's rate advisory body, has recommended a statewide average 7.2 percent rate hike for Florida's work comp policyholders next year. The proposed hike includes a 4.7 percent rise for carriers' experience, trend, and benefit changes, 0.8 percent for production and general expenses, 0.1 percent for taxes and assessments and 1.6 percent to cover carrier profit and contingency needs. Hearings on the proposed rate increase are anticipated in the coming weeks.
In 1993 Florida's comp system underwent "reform" resulting in largely stable rates and a...
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