NCCI recommends 6.9% comp rate cut for Florida businesses
- May 18, 2025
- Posted by: Web workers
- Category: Workers Comp
The National Council on Compensation Insurance is recommending that the Florida Office of Insurance Regulation reduce workers compensation rates by an average of 6.9%, effective Jan. 1, 2026.
Improved loss experience in policy years 2022-2024, the result of continued decreases in claim frequency, was the primary driver of the recommended rate decrease, according to the filing. NCCI also said claim frequency decreased at a faster pace in 2024 than the long-term average rate of decline.
However, average medical and indemnity claim severity increased in 2024. Although inflation drove some of the increase in medical costs, the primary driver was increased utilization of medical services by injured workers, NCCI said.
The increase in indemnity benefits was driven by wage increases, according to NCCI.
NCCI also said the calendar year 2024 combined ratio was 86%.
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