Workers Comp Rates Set To Decline, Labor Group Says Not Far Enough
After spiking last year, worker’s compensation rates in Florida are set to decline. But some labor organizations contend the decrease doesn’t go far enough.
Last year the National Council on compensation Insurance made a startling announcement—workers comp rates needed to jump almost 20 percent. It was concerned about two court cases scrapping attorney fee provisions in state law. In the end, state regulators approved a modified request increasing rates by about 14 percent instead.
Now the same organization says rates can come down by about nine percent.
“Specifically claim frequency is down more than eight percent in the last two years,” NCCI executive Jeff Eddinger explains, “and this is really the major driver behind the proposed rate decrease.”
NCCI senior actuary Jay Rosen suggests claims are dropping because employers are making safer working environments a priority.
“I think the contributing factors are a number,” he says. “Safer workplaces, enhanced efficiencies in the workplace, increased use of automation in the workplace, innovative technologies that...