Florida is expected to decrease workers’ compensation rates above and beyond what the National Council on Compensation Insurance (NCCI) recommended for 2019.

The Office of Insurance Regulation announced they approved a 13.8 percent decrease in workers’ compensation insurance rates, slightly over the 13.4 percent decrease that NCCI proposed in August. This is yet another decrease for Florida who saw a 9.5 percent decrease for this year. When NCCI released their proposal, they cited a steady decline in claim frequency as part of the reason for the decrease. This is a nationwide trend that NCCI expects to continue because of safer workplaces and increased use of automation and innovative technologies.

Florida regulators proposed a slightly larger decrease in part because of a “profit and contingencies provision” for insurers. Recent Florida Supreme Court rulings, one of which removed the cap on attorney fees, have been watched to see how they might impact rates. Bill Herrle, executive director of the National Federation of Independent Business in Florida, said he was not surprised by the decrease and says the economy with “record employment” is helping. He does think the ruling regarding attorney fees is an issue, and his group plans to seek legislation to restrict what they can charge.

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