What: Florida legislators recently approved a 14.5% rate increase on all new and renewal workers’ compensation policies. This is less than the 19.6% rate increase originally requested by the National Council on Compensation Insurance (NCCI).
When: The higher rates are effective December 1, 2016. This increase will not apply mid-term to existing coverage.
Why: The rate increase was in response to two Florida Supreme Court rulings that reversed reforms enacted in 2003 that sought to contain workers’ compensation costs: