Florida businesses will see a third consecutive cut in annual workers compensation rates in 2020 – a 7.5 percent slash that exceeds a national insurance bureau’s recommended decrease by more than 2 percent.
Florida Insurance Commissioner David Altmaier issued an order cutting workers’ compensation insurance rates by a 7.5 percent beginning Jan. 1.
The National Council on Compensation Insurance (NCCI) – which provides rating metrics on behalf of insurance companies – suggested in August that the state reduce workers’ compensation rates by 5.4 percent.