Proposed Work Comp Reduction in Florida for 2023
“The National Council on Compensation Insurance on Wednesday filed its recommendation for an 8.4% rate level decrease for workers’ compensation, effective Jan. 1, 2023.”
Florida has seen a decline in lost-time wages and medical claims that outpaces the increased cost of medical expenses. The proposed changes still have to be approved by the state. The state has rejected the proposal in recent years and cut rates even more.
“The final proposed rate level changes results after incorporating small increases to the current production/general expense and claim settlement expense provisions. And due to the catastrophic nature of the COVID-19 pandemic, NCCI said all reported COVID-19 claims have been excluded from ratemaking, consistent with last year’s rate filing.”
Given the strong employment environment in Florida, employers are paying increased wages. By itself, this increase in wages would normally generate more premiums. However, the rate cut in the workers’ compensation rates for next year may offset this increase in premium.
“While inflation could impact costs, NCCI said wage inflation and strong employment recovery are expected to increase premium and that medical inflation’s impact on workers’ compensation losses is expected to be lower than inflation for other goods and services.”
Full article here on workcompcentral.com
76th Annual Workers’ Compensation Educational Conference
“The Florida Division of Workers’ Compensation recently participated in the 76th Annual Workers’ Compensation Educational Conference with the Workers’ Compensation Institute, in Orlando, Florida. The Division’s breakout session included the following topics: Regulatory and Legislative Updates, How Small Acts of Non-Compliance Lead to Costly Penalties and Litigation, and Medical Services Updates.”
Here is a link to the pdf presentation – click here
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