Florida Approves a 15.1% decrease in Workers’ Compensation Rates for 2024
It’s happening again! Florida approved yet another workers’ compensation rate reduction. When will it stop? Your guess is as good as ours but what we are confident of is the negative impact these reductions will continue to have on Experience MODs. Click here to see the 1.1.24 rates. See below from News Service of Florida.
The state Office of Insurance Regulation matched a 15.1 percent decrease requested in August by the National Council on Compensation Insurance, which makes rate filings for the industry.
Florida businesses will see a decrease in workers’ compensation insurance rates in 2024.
The state Office of Insurance Regulation said Monday it has approved an overall 15.1 percent rate decrease, which will take effect in January.
That matches a 15.1 percent decrease requested in August by the National Council on Compensation Insurance, or NCCI, which makes rate filings for the industry.
The NCCI filing said it was based on claims experience in the 2020 and 2021 policy years.
“Favorable loss experience has been observed in each of these time periods, a primary driver of the rate decrease proposed in the filing,” a summary said.
The 2024 decrease will continue a series of rate cuts in recent years.
Regulators approved an overall 8.4 percent decrease that took effect this year.
“It’s clear the workers’ compensation market in Florida is stable and competitive; I’m confident lower workers’ compensation rates will assist in ensuring that all of Florida’s businesses have the opportunity to succeed in our state,” Insurance Commissioner Michael Yaworsky said in a prepared statement.”
Source Article: https://health.wusf.usf.edu/health-news-florida/2023-11-16/florida-approves-a-15-1-decrease-in-workers-compensation-rate-for-2024
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