Florida workers' compensation premium rates continue to yo-yo.
State Insurance Commissioner Kevin McCarty recently agreed to raise workers' compensation rates 6.4 percent, effective April 1. The approval comes after McCarty rejected a much larger increase sought by the National Council on Compensation Insurance (NCCI) in November. That filing called for an 18.6 percent hike spread out over two years, beginning with an 8.9 percent rise effective March 1.
The approved 6.4 percent increase, which follows years of pricing decreases, is expected to cost Florida businesses $172 million a year. However, because the single-digit increase follows an 18.6 percent rate cut that went into effect Jan. 1, employers will still experience a net savings of approximately $438 million in 2009.
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