NCCI files for 8.9% workers’ compensation rate increase in Florida

Effective January 1, 2011, workers’ compensation rates increased by 7.8%. This is the first rate increase since the original rate reform (Senate Bill 50A) took effect on October 1, 2003.  At the Florida Office of Insurance Regulation, a workers’ compensation rate hearing took place where the National Council on Compensation has filed for an additional rate increase of 8.9%, declaring that there are no additional cost improvements to be made from the rate reform.Their studies indicate that recent clam cost reductions have reversed for both indemnity and medical claims, and after 9 years of claim frequency reductions, claim frequency is on the rise also.