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Florida Raises, Indiana Lowers W/C Rates

Workers' compensation rates fluxuate
October 12, 2016

The Florida Office of Insurance Regulation issued its final order that increases the cost of workers' compensation insurance by nearly 15 percent. The decision approves the National Council on Compensation Insurance’s request “for an overall combined statewide average rate increase of 14.5 percent,” said the department. The rate increase will apply to new and renewal policies, effective Dec. 1.

Meanwhile, Indiana Insurance Commissioner Stephen Robertson has approved a 9.3 percent reduction in workers’ compensation rates, which will take effect Jan. 1. The new rate is expected to save businesses more than $82 million. “We are proud that Indiana continues to produce some of the lowest Workers’ Compensation rates in the nation,” said Robertson.

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