After 3 years of workers compensation rate increases, Florida based companies may see a small decrease come 2015. The National Council on Compensation Insurance Inc. announced in a statement on Friday, August 22 that they are recommending an overall rate decrease for workers compensation in Florida. This has not happened statewide since 2010.
NCCI is the licensed rating and statistical organization that fosters a healthy workers compensation system for Florida. They suggested an average rate decrease of 2.5% with an effective date of January 1, 2015. The decrease is still pending approval from the Office of Insurance Regulation, who makes the final decision.