NCCI Proposed 6.1% Work Comp Rate Increase

On August 23, 2012, the National Council on Compensation Insurance (NCCI) delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation (OIR). Based upon its review of the most recent data available, NCCI has proposed, effective January 1, 2013, an overall average rate increase of 6.1%.

According to NCCI, claim frequency was up significantly in 2009 and 2010 following several years of significant declines.

This is the third year in a row NCCI has proposed an increase in rates, after eight straight years of rate decreases. If the filing is approved as proposed, the cumulative rate decrease since 2003 would be -56%.

If approved, the overall average rate impact would still be down 56% since the rates in 2003.