The NCCI Proposes a Decrease in Florida Workers’ Compensation Rates

The majority of employers within the state of Florida provide workers’ compensation insurance for their employees. This exists to provide benefits for injured employees in the event of a workplace accident. Workers’ compensation insurance premiums are calculated based on how employees are classified and the rate assigned to the employee classification. This classification is determined by the National Council on Compensation Insurance (NCCI). 

In 2020, Florida businesses may see another workers’ compensation rate decrease in the event that the latest NCCI filing is approved by Florida regulators. The filing, made on August 27, proposed a statewide average premium decrease of 5.4%. The NCCI based this proposal rate on data from policy years 2016 and 2017 that shows continued improvement in loss experience. 

Currently, the Florida Office of Insurance Regulation (OIR) said it had received the NCCI filing and began reviewing it. In a released statement, the office said, “As always, OIR will review the filing to ensure the proposed changes are not excessive, inadequate or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees.” The OIR previously approved a workers’ compensation rate decrease of 13.8%.

If the proposal is approved by the OIR, the rates in Florida would become effective starting on the first day of the new year. It would also be the fourth rate decrease for the state since 2016. The decisions made that year undid a primary cost-reduction component of reforms that were passed by lawmakers in the state in 2003.

The NCCI believes the workers’ compensation market is experiencing “unprecedented results.” They credit this to underwriting discipline, moderating severity, declining frequency, and adequate reserves that resulted in years of combined rations under 100%. The council said technology, safer workplaces, improved risk management, and a shift from manufacturing to service sectors led to a decline in frequency. 


If you have become the victim of an on the job injury, it may be beneficial to speak with an attorney and the doctor that is treating you to determine how to make the process as easy as possible. AllianceMeds understands that a workplace accident can be challenging and is here to help. We will deliver your medication to your door using overnight delivery and cover any out of pocket expenses that may arise. If you have any questions about how we can help, contact AllianceMeds today.