Florida Workers Compensation 2023 Rates are Here
On August 24’th, 2022 the NCCI filed an order with the State to reduce rates by an average of 8.4% on all policies incepted on January 1, 2023 or later.
Short-Time Compensation
A disaster declaration under the Stafford Act has been declared for Florida by President Biden as a result of Hurricane Ian. Florida unemployment compensation law provides at Section 443.131(3)(a)4 that:
OIR Approves an 8.4% Decrease in Workers' Compensation Insurance Rates for 2023
Late yesterday, Governor Ron Desantis signed into law an average reduction of workers’ compensation rates in the State of Florida for policies incepted 1/1/23 or later by 8.4%.
Financial Impact of Ian Expected to be $63 Billion
Our hearts go out to all that have been impacted by Hurricane Ian. Just when it appeared we had escaped a hurricane season on the Florida peninsula without incident, the second largest storm in history changed all that.
California Written Premiums up 27% through June 30, 2022
Due to wage inflation and the post-pandemic opening of California business in 2022, workers’ compensation premiums have surged, even though rates are down 3%, in the largest economy in the US.
NAPEO Hurricane Ian Update
Hurricane Ian hit particularly close to home for the PEO industry. As you know, there is a huge PEO presence in the state of Florida, and many of our friends and colleagues – and their families, neighbors, and clients – have been affected by the storm.