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Missouri Employers Should See Lower Workers' Compensation Rates in 2015

03 Sep, 2014 WorkersCompensation.com

                               

Jefferson City, MO (WorkersCompensation.com) - Preliminary figures collected by the Missouri Department of Insurance from the National Council on Compensation Insurance (NCCI) indicate workers' compensation insurance will decrease for many industries in 2015. The NCCI recently proposed an overall decrease of 3.7 percent from its 2014 loss costs. Insurers and self-insurers use loss costs to establish workers' compensation premiums for Missouri employers.

"This is positive news for Missouri businesses," said Director John M. Huff. "The workers' compensation market continues to be competitive in Missouri, with 319 companies actively writing business. The effects of lower workers' compensation rates will contribute to continued economic growth in this state."

Huff said the recommendation is largely due to a decrease in the overall medical claims cost associated with workers' compensation claims. As businesses and employees continue to work together to create safer workplaces, the frequency of workers' compensation claims continues to decrease.

The NCCI's proposed change in loss costs by industry group is shown below:

 

NCCI 1/1/2015 advisory loss costs

Industry group

Average Change

  

 

Manufacturing

-4.4%

  

 

Goods & services

-4.3%

  

 

Contracting

-1.3%

  

 

Office & clerical

-7.2%

  

 

Miscellaneous

-2.2%

  

 

Total

-3.7%

  

 

After a thorough review of the loss costs by the department, it will recommend its own loss costs. Workers' compensation claims are regulated by the Division of Workers' Compensation in the Missouri Department of Labor and Industrial Relations, and rates are reviewed by the Department of Insurance.

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