Florida Workers’ Comp Rates to drop 7.5 percent

Effective January 1, 2020, Florida Workers’ Comp Rates for new and renewal policies for other than the “F” classifications, the statewide overall rate level change shall be -7.5% for the filing.

Florida worker's comp rates to drop 7.5 percent.

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Florida Workers Comp rate drop filing signed by David Altmaier, Commissioner Office of Insurance Regulation

OIR Orders Larger Workers’ Compensation Insurance Rate Decrease for 2020

Florida Insurance Commissioner David Altmaier issued an Order​ on Rate Filing on Thursday, October 24, 2018 to the National Council on Compensation Insurance (NCCI) requesting an amended filing to reduce workers’ compensation rates by 7.5 percent for 2020.

The Order notifies NCCI that the rate filing submitted for a 5.4% rate decrease has been disapproved and, if amended by November 4, 2019, will be approved with the larger workers’ compensation rate decrease.

Approval of a revised 7.5 rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order. If approved by the OIR, the revised rate decrease would become effective on January 1, 2020, for new and renewal business.

Source: Florida Office of Insurance Regulation

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