Workers' comp rate changes affecting Florida, New Jersey & Oregon
New Jersey also announced an increase in both the maximum and the minimum weekly benefits available to workers' comp claimants.
Florida, New Jersey, and Oregon have all made recent announcements concerning workers’ compensation rates for 2023. Below is a general summary of each state’s announcement.
Florida
For the sixth consecutive year, the Florida Office of Insurance Regulation (FLOIR) has approved a rate decrease for workers’ compensation premiums. Florida Insurance Commissioner David Altmaier signed an order on November 7, 2022, approving the 8.4% decrease proposed by the National Council on Compensation Insurance (NCCI).
“Year after year, Floridians are seeing a decrease in workers’ compensation rates. This is fantastic news as Florida’s small businesses are the backbone of our economy and paying less for workers’ compensation coverage helps business owners combat the impacts of rising inflation,” Florida Chief Financial Officer Jimmy Patronis said in a release. “I’m always proud to support Florida’s small business community as we work to keep Florida the best place to live, work and run a business.”
New Jersey
Two changes for workers’ compensation in New Jersey will become effective on January 1, 2023. First, the state Compensation Rating and Inspection Bureau announced a 6.1% premium rate decrease. New Jersey Insurance Commissioner Marlene Caride revised the Bureau’s proposed 4.7% decrease after considering financial and statistical information that included some of the economic impact of COVID-19.
New Jersey also announced an increase in both the maximum and the minimum weekly benefits available to workers’ compensation claimants. For all workplace injuries, except for permanent partial disability recipients, weekly benefits will increase from $284 minimum, $1,065 maximum to a minimum of $293 and a maximum of $1,099. For permanent partial disability recipients, the range of maximum weekly benefits would increase from $284 to $1,065 to $293 to $1,099, depending on the duration of the disability.
Oregon
The workers’ compensation rates in Oregon, on the other hand, will not change. The current rate of 9.8% will remain effective for 2023. The extra assessment of 0.1% for self-insured and public-sector self-insured groups and 0.5% for private-sector self-insureds, for respective totals of 9.9 and 10.3%, will also stay the same for 2023. The Workers’ Benefit Fund Assessment will also remain steady at 2.2 cents per hour worked.
“In these uncertain times, stability is important for programs that benefit employers and workers,” Andrew Stolfi, the director of the Oregon Department of Consumer and Business Services and insurance commissioner, said in a release. “Maintaining good worker benefits, while at the same time reducing costs to employers is positive for everyone.”
Related: