Workers' comp rates continue dropping

The National Council for Compensation Insurance (NCCI) filed for a mid-term rate decrease of 4.2% for many Florida employers.

The decrease comes from a disability trust fund that has been stabilized, making special assessments for it no longer necessary.

NCCI is asking the state to grant the rate decrease for industrial classifications and F-classifications on new or renewed policies effective on or after July 1.

Combined with seven other previous rate decreases, worker's comp rates will have dropped nearly 65% since October 2003. NCCI also estimates that if the state adopts proposed rules on reimbursement of repackaged or relabeled prescription drugs it would result in a further decrease of 1.1% on overall workers' compensation costs in Florida.