Florida Workers Compensation 2023 Rates are Here
On August 24’th, 2022 the NCCI filed an order with the State to reduce rates by an average of 8.4% on all policies incepted on January 1, 2023 or later. November 7’th this advisory was adopted by the State and the following circular issued:
The new rates by classification code that are effective 1.1.23 can be found on page 20 in the pdf link above, or a simple excel version can be downloaded here:
Please note that these are voluntary manual rates only.
Some other highlights of the circular:
Rates were produced using data from policy years 2019 and 2020 as of Year end 2021
No classification can be raised or lowered more then 15% in any given year
The 2023 Expected Loss and Allocated Expense Ratio as a % of rate is 66.2% for Florida and 64.9% ofor the rest of the country
Carriers are allowed a 1.5% profit margin in the rate, thereby targeted a 98.5% Combined Ratio
The “cost of cost containment” or loss based expenses (“ALAE”) is expected to go up to 22.6% of loss
There is a wealth of data in the circular to include expected losses at different retention levels, severity levels and overall trend in the workers’ compensation line in Florida.
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