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NCCI proposes workers’ comp insurance rate increase

Tampa Bay Business Journal Date: Friday, August 19, 2011, 9:43am EDT
NCCI's recommendation filing was submitted to the Florida Office of Insurance Regulation , which reviews the organization's data and ultimately determines the rate the state's employers will pay next year.

NCCI, based in Boca Raton, analyzes workers' comp insurance trends and prepares rate recommendations.

The rate increase is partially based on increases in claim frequency in 2009 and 2010 and an increase in losses experienced by carriers, NCCI states in its filing.

The organization noted that significant improvement trends stemming from reforms in 2003 have ended and are no longer expected, which basically has the effect of increasing rates.

If OIR approves the proposed rate increase, Florida would continue to have the lowest workers' compensation rate of any state in the Southeast, NCCI said.



 


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