2026 Florida Work Comp Rate Cut of 6.9%
NCCI Recommends another rate cut for Florida
“The National Council on Compensation Insurance is recommending that the Florida Office of Insurance Regulation reduce workers compensation rates by an average of 6.9%, effective Jan. 1, 2026.
Improved loss experience in policy years 2022-2024, the result of continued decreases in claim frequency, was the primary driver of the recommended rate decrease, according to the filing. NCCI also said claim frequency decreased at a faster pace in 2024 than the long-term average rate of decline.
However, average medical and indemnity claim severity increased in 2024. Although inflation drove some of the increase in medical costs, the primary driver was increased utilization of medical services by injured workers, NCCI said.”
Source businessinsurance.com
“Since 2003, when Florida lawmakers made historic changes to the state’s workers’ compensation system, overall rates have fallen by a cumulative 85%. This year, Florida ranked as one of the lowest-cost states – it ranked 30th, or 10th from the bottom, on the cost of workers’ comp insurance for employers, according to the Oregon Department of Consumer and Business Services’ bi-annual survey.
The NCCI said Florida’s recommended rate reduction for 2026 is based on loss experience for 2022 and 2023, including a decline in lost-time claim frequency in those years. The reduction recommendation may have been greater but for an increase in fees paid to health care providers who treat injured workers, a fee schedule approved by lawmakers in early 2024. The long-awaited increase in health care fees was one reason the rate decrease for this year was so small, the NCCI has explained.”
Source insurancejournal.com
