ARTICLE
In August, the Florida Chamber team met with the National Council on Compensation Insurance (NCCI) to review the proposed 2024 workers’ comp rates – today, we are pleased to report the rate filing has been approved. The approved 15.1 percent average rate decrease marks the largest rate decrease since 2009. The approved rates will take effect for new and renewal policies beginning on January 1, 2024. Details: The main contributor to this year’s rate decrease is the change in how Floridians are experiencing the workplace following the COVID-19 pandemic. The workforce has undergone significant changes the previous two years, including a notable shift to remote and hybrid work models. This has continued the decline in frequency and severity of claims, a national trend that has resulted in rate reductions in several states as well as Florida. For an overview of this year’s rate filing, click here or to view the presentation, click here. Why it Matters: A decrease in workers’ compensation rates means lower insurance premiums and increased cost savings for employers, allowing them to invest more money back into their business and their employees. This is the eighth consecutive workers’ comp rate decrease since the last rate increase in December of 2016. Since the last major workers’ compensation reforms in 2003, workers’ comp rates in Florida have decreased by 77.7 percent. While this is a positive trend, Florida continues to rank in the middle of the pack – 23rd in average premiums as of 2022 – in comparison to the rest of the nation. If you have questions about the rate decrease and what it means for your business, please contact Jon Miller at jmiller@lakelandchamber.com or (863) 688-8551.
In August, the Florida Chamber team met with the National Council on Compensation Insurance (NCCI) to review the proposed 2024 workers’ comp rates – today, we are pleased to report the rate filing has been approved. The approved 15.1 percent average rate decrease marks the largest rate decrease since 2009. The approved rates will take effect for new and renewal policies beginning on January 1, 2024.
Details:
The main contributor to this year’s rate decrease is the change in how Floridians are experiencing the workplace following the COVID-19 pandemic. The workforce has undergone significant changes the previous two years, including a notable shift to remote and hybrid work models. This has continued the decline in frequency and severity of claims, a national trend that has resulted in rate reductions in several states as well as Florida. For an overview of this year’s rate filing, click here or to view the presentation, click here.
Why it Matters:
A decrease in workers’ compensation rates means lower insurance premiums and increased cost savings for employers, allowing them to invest more money back into their business and their employees. This is the eighth consecutive workers’ comp rate decrease since the last rate increase in December of 2016. Since the last major workers’ compensation reforms in 2003, workers’ comp rates in Florida have decreased by 77.7 percent. While this is a positive trend, Florida continues to rank in the middle of the pack – 23rd in average premiums as of 2022 – in comparison to the rest of the nation.
If you have questions about the rate decrease and what it means for your business, please contact Jon Miller at jmiller@lakelandchamber.com or (863) 688-8551.