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Louisiana Workers’ Compensation Insurance Rates Decreasing Again

18 Mar, 2008 WorkersCompensation.com

                               

Baton Rouge, LA  (CompNewsNetwork) - Louisiana Commissioner of Insurance Jim Donelon announced today that rates for workers' compensation insurance are again decreasing in Louisiana, based on a recent report from the National Council on Compensation Insurance (NCCI).

Most workers' comp carriers in Louisiana use the NCCI annual loss cost filing report to help formulate their insurance rates. A recent NCCI loss cost filing showed Louisiana with an 8.6 percent drop in loss costs, which was approved by the Department of Insurance in January 2008. Companies will begin adopting the new rates by filing for a rate decrease with the Department of Insurance around late March through September 2008 and begin using the lower rates within approximately 45 days after approval of the adoption. This reduction follows a 15.8 percent reduction in workers' comp rates last year – the largest decrease of the 36 states.

“This is positive news for our state's business community and will help greatly in our economic development efforts," said Commissioner Donelon."Our market continues to show strong signs of improvement, particularly in the area of improved worker safety. Improved worker safety leads to fewer workplace injuries across most employment classes, a trend we have seen over the past few years and the leading cause of these recent rate reductions."

The total Louisiana workers' compensation market is estimated at $1.03 billion.

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