Florida Insurance Commissioner David Altmaier has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 7.5% for Florida workers’ compensation insurance rates. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2020.
“Florida is an ideal place to do business and I am committed to keeping our workforce and economy strong. This decrease in workers’ compensation rates is very good news for employers and one more reason for companies to be located in our great state,” said Governor Ron DeSantis.
“Florida businesses are the backbone of our economy and when they see cost savings, our local communities benefit. Affordable workers’ compensation insurance means more workers are protected. It is great to see the costs of this coverage continue to decrease for those businesses who call Florida home,” said CFO Jimmy Patronis.
“I am pleased to issue this order, reducing workers’ compensation rates for Florida’s businesses, providing another year of rate relief. Increased innovation in workplace practices and continued emphasis on safety for employees has meant a decline in the workers’ compensation claims and Florida businesses will see the results of those efforts reflected in their insurance rates,” said Insurance Commissioner David Altmaier.
Commissioner Altmaier approved the NCCI amended rate filing, which met the stipulations of the Order on Rate Filing issued by the Commissioner on October 24, 2019.
For more information about the NCCI public hearing and rate filing, visit OIR’s “NCCI Public Rate Hearing” webpage.
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.