Employers in Florida will be paying more for workers’ compensation coverage next year following the state insurance chief’s approval of an 8.9 percent statewide average rate hike.
Florida Insurance Commissioner Kevin McCarty said that he will approve the 8.9 percent rate bid filed by the insurers’ rating organization, the National Council on Compensation Insurance (NCCI).
The new rates will apply to all new and renewal business, effective Jan. 1, 2012.
In granting the rate request, McCarty noted that the state’s overall rate level has fallen significantly since lawmakers rewrote the state’s workers’ compensation law nearly a decade ago.
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