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NCCI proposes 5.4% cut in workers' compensation premium for 2020

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NCCI proposes 5.4% cut in workers' compensation premium for 2020

The National Council on Compensation Insurance has proposed a 5.4% average rate reduction for workers' compensation premium in Florida for 2020.

NCCI attributed the proposed rate cut to a continued decline in claim frequency, moderate claim severity and higher litigation-related costs. The filing is in line with previous proposals in Florida and most filings submitted in other states, according to an overview of the rate filing.

The Florida Office of Insurance Regulation will review the proposal. If approved, the new rates will take effect Jan. 1, 2020.