Florida Work Comp Rates Down 6.8%

Good news for Florida Workers Compensation?? We'll have to wait and see!!

Recently the Florida Insurance Commissioner, Kevin McCarty, gave final approval to NCCI's amended workers comp rate filing. New Florida workers comp rates will be effective January 1, 2010 with an overall 6.8% decrease.

So here's the real news...with this rate decrease, Florida has experienced an overall decrease in rates totaling more than 63% since 2003! Isn't that a good thing for employers?

Along with this news of course come comments from those who think this action will lead to the ruination of Florida workers comp system. Some are saying these rate decreases are artificial, just a function of government with decisions made without regard of increased loss ratios and costs and decreasing income and profits for the insurance companies. That many of the Florida workers comp carriers are in a pickle and that a big shake out is just a short walk down the road. We'll just have to wait this out and see!