Claims News Service, Feb. 19, 12:05 a.m. EST -- As of April 1, 2009, Florida workers' compensation insurance rates will increase. The state's insurance commissioner has filed a final order approving a 6.4-percent rate hike.
The increase will add about $172 million in insurance costs for Florida employers. Even so, in combination with an 18.6-percent rate decrease that took effect Jan. 1, the net savings to Florida employers is still $438 million, says the office of Insurance Commissioner Kevin McCarty.
The decision follows McCarty's Jan. 26 order that denied a request by the National Council on Compensation Insurance, which proposes workers' compensation rates in Florida, to raise rates by 8.9 percent.
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