Workers’ comp rates to go down in 2022

In this file photo, a worker with Sema Construction grades the Northeast 36th Avenue overpass that is under construction in Ocala, Fla. on Monday, July 6, 2020. [Bruce Ackerman/Ocala Gazette] 2020.

Home » Business

Posted November 19, 2021 | By Florida News Service

Florida employers will see an average 4.9 percent decrease in workers’ compensation insurance rates in 2022, under an order issued last Friday by state Insurance Commissioner David Altmaier.

The order matched the 4.9 percent drop proposed in August by the National Council on Compensation Insurance, which makes rate filings for the workers’ compensation industry.

“Safer workplaces, innovative techniques, and improved risk management practices have resulted in the continued decline in workers compensation claims, ultimately benefiting Florida businesses,” Altmaier said in a prepared statement.

In a summary of its filing, the organization known as NCCI pointed to “unprecedented results” in the workers’ compensation insurance system.

“These results are due to a combination of underwriting discipline, declining frequency (of claims), moderating severity, and adequate reserves,” the summary said.

“With few annual exceptions, frequency has continued a decades-long downward course driven by technology, safer workplaces, improved risk management and a long-term shift from manufacturing to service sectors.”

The order followed a series of earlier workers’ compensation rate cuts, including an average 6.6 percent decrease that took effect in January.