Florida Welcomes Era of Workers Compensation Market Stability

Florida’s workers’ compensation system has reached a rare state of rate stability, according to insurers and officials.

The agency, the National Council on Compensation Insurance, filed for a one percent increase for 2014 in August, which if approved by regulators would be the fourth rate increase in as many years. The filing was the subject of a recent public hearing.

NCCI State Government Relations Executive Lori Lovgren said that the proposed increase signals a new phase in the workers’ compensation market. Since a 2003 rewrite of the state’s law, there have been seven years of rate decreases. Now for the foreseeable future, employers could see only minor changes in rates based on loss experience and claims frequency, Lovgren said.

Read More: Florida Welcomes Era of Workers Compensation Market Stability.

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