Since Florida is one of only a few workers’ compensation administered pricing states in the nation, rate changes approved by the Office of Insurance Regulation (OIR) have an immediate impact on the majority of businesses operating in the state. Rate changes are effective January 1st of every year, and since the legislative reform in 2003, Florida saw average rate decreases every year through 2010. January 1, 2013 will mark the third consecutive year of workers’ compensation rate increases. …
Florida workers’ compensation insurance companies have been given the green light to raise rates an average of 6.1%. This was the full amount requested by the National Council on Compensation Insurance (NCCI), and comes on the heels of the 7.8% increase in 2011 and 8.9% increase in 2012.
This will be the third consecutive rate hike approval, but it will still give Florida a cumulative decrease of 56% since 2003. Even after the increase, Florida should stay in the top 10 states nationally for most affordable workers’ compensation insurance.
This rate increase combined with the split-point changes to the NCCI workers compensation experience modification rate could add significant additional cost to individual companies and those employers will feel the pain.
Click here for a table of the 2013 Florida rates by class code.
For more on the Workers’ Comp Experience Mod split-point change, click here.
John Keller, CRM ARM CIC AAI is the Director of Risk Management and Claims at Gulfshore Insurance. John works with a wide range of business clients to deliver strategic risk analysis and guidance. Comments and questions are welcome at jkeller@gulfshoreinsurance.com