Florida Approves 4.9% Wage Lower – Enterprise Insurance

The Florida Office of Insurance Regulation announced a final order on Friday approving a 4.9% cut in employee compensation recommended by the National Council on Compensation Insurance.

NCCI said in its annual filing that the 2022 rate is based on positive experience from insurance years 2018 and 2019, including a decreasing claim frequency.

"Safer workplaces, innovative techniques and improved risk management practices have resulted in a sustained decline in employee compensation claims, which ultimately benefits Florida companies," Insurance Commissioner David Altmaier said in a statement.

NCCI withdrew a separate motion proposing disaster preparedness for acts other than terrorism that resulted in more than $ 50 million in lost labor costs.

Workers Comp is one of the few commercial insurance lines to see declines.

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