Robert Wittke, left, 24, who says he has been looking for full or part-time work for about two months, talks with manager Jennifer Kaminsky as he fills out an application at Snelling Staffing Services in East Brunswick, N.J., Friday, Sept. 5, 2008. The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike. (AP Photo/Mike Derer)
The National Council on Compensation Insurance is asking the Florida Office of Insurance Regulation for a 14 percent rate reduction. The NCCI has lowered rates every year since 2003.
Office of Insurance Regulation spokesman Ed Domansky doesn’t expect this to be the last reduction request from the council. He says, “Specifically the frequency and severity of claims has continued to decrease to the point that it’s not unrealistic to think that this rate could go even lower.”
If approved the rate reduction would save Florida business owners a total of 465 million dollars a year.