NCCI has recommended a 13.4 percent reduction in Florida, to take effect January 1st, 2019. The rate maker cited “continued improvement in loss experience” as its rationale for the steep drop. The announcement comes just a couple of years since an outcry over the Florida Supreme Court’s decisions in the Westphal and Castellanos decisions, which the Florida Office of Insurance Regulation, business groups, and insurers said would result in massive rate hikes in response to increased litigation. Litigation did increase somewhat in the state, but not as dramatically as forecasted. Just two years ago, NCCI recommended a 19.6 percent rate increase, which was then amended to 14.5 percent. NCCI noted in the release yesterday that its action in Florida is in line with its actions in other states.
Louisiana will have its NCCI State Advisory Forum in November in Baton Rouge. Register here.
Read more from Florida Politics here.