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Manasota Air Conditioning Contractors Association

Regulators Considering Workers Comp Rate Reduction

Monday, October 10, 2022 5:43 PM | Anonymous

State Insurance Commissioner David Altmaier said he will consider the 8.4% reduction on new and renewed workers' compensation policies recommended by the National Council on Compensation Insurance. The licensed rating agency assessed data from 2019 and 2020 to recommend the new lower rate on behalf of workers' compensation insurance companies. In a report submitted to the state, the national insurance organization found a consistent decline in wage replacement claims from injured employees seeking workers' compensation benefits. Florida's roofing industry is backing the new rate reduction, citing a fear that rates will increase in the future due to the "Great Resignation," and an uptick in less-experienced roofers, accompanied by an increase in demand for housing and construction, plus rising medical costs and a tight reinsurance market. "Due to all of this we are here today because of the uncertainty of the insurance market, we are asking for the consideration to freeze the current (roofers') rate class code," said President of Florida Roofing and Sheet Metal Association Matthew Criswell. Altmaier did not definitively say whether the rate will be frozen or reduced but did say he will consider public comment on the issue until Oct. 7 while his actuaries continue to review the report. If Altmaier approves NCCI's recommended 8.4% reduction effective January 2023, workers' compensation rates in Florida will have decreased by nearly 74% over a 20-year time span.

Florida Politics / NCCI Testimony

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