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CFO Jimmy Patronis: Reduction of Workers’ Comp Rates Could Save Florida Businesses More Than $79 Million

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Florida Chief Financial Officer (CFO) Jimmy Patronis today released the following statement on the Office of Insurance Regulation’s (OIR) approval of a 1.8 percent decrease in workers’ compensation insurance rates for Florida businesses. The National Council on Compensation Insurance (NCCI) submitted the rate reduction request because of the federal Tax Cuts and Jobs Act of 2017.

“My office estimates that the 1.8 percent decrease could be a savings of $79.5 million and is a good move that will help further reduce cost burdens on Florida businesses. The estimated $79.5 million is a significant savings for our 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.”

Office Approves a 9.5% Decrease to Florida’s Workers’ Compensation Insurance Rates

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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 9.5% and premium level decrease of 9.8%. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2018.
“I am pleased that today’s approval of NCCI’s rate filing will translate into a decrease in workers’ compensation rates for many Florida employers,” stated Commissioner Altmaier. “The Office will continue to monitor the marketplace and support reforms that provide additional cost savings for Florida’s businesses.”
“Florida’s job creators will no doubt appreciate this significant cost savings, a step that will support our state’s growing economy,” said Florida’s Chief Financial Officer Jimmy Patronis. “I’m pleased to see the cost of business going down, and as the Legislature looks at our workers’ compensation system, I will be working with them on proposals to lock in these lowering rates.”
NCCI received this approval after submitting an amended rate filing to the Office on November 7, 2017, which met the stipulations of an Order issued by the Commissioner on October 31, 2017.
For more information about the NCCI public hearing and rate filing, visit the Office’s “NCCI Public Rate Hearing” webpage.