The National Council on Compensation Insurance (NCCI) proposed a significant drop in workers’ compensation rates to the Florida Office of Insurance Regulation. If the 13.4 percent decrease is approved, it will go into effect at the beginning of 2019.

NCCI said that the biggest factor in the decrease is an improvement in loss experience, and this is the second year in a row that NCCI has recommended a reduction. Last year there was a 9.5 percent decrease. They explained that the proposed reduction is “in line” with similar trends in other states.

Two significant Florida Supreme Court cases were decided two years ago that impacted attorneys’ fees and benefit levels and after a 14.5 percent increase immediately following those rulings, workers’ compensation rates have since dropped. NCCI states that the improvement in loss experience has offset the combined cost increases from these decisions.

The full impact from these court decisions may take years to realize. This year’s filing is based on policy years’ 2015, 2016 and year-end 2017 data.

Read more about it from NCCI.