Florida Insurance Commissioner David Altmaier has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall rate level decrease of 13.8 percent. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2019.
Governor Rick Scott said, “Over the past eight years we have cut billions in taxes and eliminated thousands of burdensome regulations as we have worked to make Florida the best state in the nation to build and grow a business and find a great job. Today’s approval of a significant decrease in workers’ compensation insurance rates marks even more great news for Florida businesses that will result in savings of more than $450 million for employers across the Sunshine State.”
Chief Financial Officer Jimmy Patronis said, “A workers’ compensation insurance decrease of 13.8 percent amounts to almost a half billion dollars in savings for Florida’s business community who support local economies, employ our neighbors, and give back to our communities. We must continue to do all we can to support and fuel Florida businesses, the backbone of our economy. While today’s news is good news, we must keep a close watch on Florida’s workers’ compensation insurance market so that we don’t go back to the time of skyrocketing rates.”
Insurance Commissioner David Altmaier said, “Workers’ compensation insurance is a critical operating cost for business owners and the 13.8 percent rate decrease approval will allow employers to better support Florida’s families, visitors and labor force. This most recent decrease marks approximately $454 million in savings for employers and can help facilitate additional cost savings for the communities they serve.”
NCCI received this approval after submitting an amended rate filing to OIR on November 7, 2018 in response to Commissioner Altmaier’s Order from November 2, 2018.