Florida businesses may see a 1% reduction in workers’ compensation insurance rates starting January 1st, 2025, if a proposal by the National Council on Compensation Insurance (NCCI) is approved.
The NCCI cites a “healthy” workers’ compensation system, stable medical costs, and decreasing claims frequency as the main reasons for the proposed rate decrease.
However, a newly passed law (SB 362) that increases maximum workers’ compensation reimbursements for physicians limited the potential decrease. Without this law, the proposal would have been for a 6.4% rate reduction.
The state Office of Insurance Regulation will review the proposal and could make changes. This potential decrease continues a trend of lower workers’ comp rates in recent years, with a 15.1% decrease taking effect in 2024 and an 8.4% decrease in 2023.
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