~Florida Work Comp Rates Are Increasing in December~

postage-rate-increase

Florida Workers’ Comp Rates will Increase December 1, 2016

The Florida Office of Insurance Regulation (OIR) has approved an overall statewide average increase for Florida’s workers’ compensation rates of +14.5%.­ The rate increase will apply to new and renewal policies starting December 1st.­ There is no rate change to existing policies.­

NCCI made an initial rate request of +19.6% in July in response to two Florida Supreme Court cases affecting the workers’ compensation law:­ the Castellanos decision invalidated the statutory cap on fees paid to attorneys representing injured workers and the Westphal decision increased benefits for workers receiving temporary total benefits. ­

The +14.5% rate increase is the statewide average; individual class codes may increase more or less than this amount.­