Workers' comp rates go up 8.9%

Florida Insurance Commissioner Kevin McCarty will approve an 8.9% increase in workers' compensation insurance rates per the request of the National Council on Compensation Insurance (NCCI).

The increase is effective as of Jan. 1, the state's website says.

McCarty defended his approval of the rate increase by stating that, even after the increase, Florida's rates will be among the lowest in the country, particularly among large states and other states in the Southeast U.S. The new rates will also be down 58.6% from their high points in 2003.

The commissioner also expressed concern over the issue of physician-dispensed repackaged drugs. “This practice has become a critical cost driver in the workers' compensation insurance marketplace,” McCarty said. “It is imperative that the Florida Legislature address this issue during the upcoming legislative session.”