Louisiana businesses will see a 2.4% cut in workers compensation insurance rates as of May 1, 2015, according to the state's insurance department.
The rate decrease is based on an earlier recommendation from the Boca Raton, Florida-based National Council on Compensation Insurance Inc., according to a statement released Monday by the Louisiana Department of Insurance.
A November presentation by NCCI showed that Louisiana has an average lost-time workers comp claim frequency of 705 claims per 100,000 workers for 2010 and 2011, according to documents posted on NCCI's website.
Louisiana's average lost-time claim frequency decreased in 2013 and is lower than the nationwide average of 866 claims per 100,000 workers, according to NCCI.
The rate cut marks a cumulative drop of 37% since 2006 and a 56% drop since 1995, the insurance department said in its statement.
“We are pleased that Louisiana businesses are seeing a second successive year of declining loss costs that are coming as the result of fewer and less severe workplace injuries,” the state's insurance commissioner, Jim Donelon, said in the statement.
The percentage of Texas employers who choose to buy workers compensation insurance has increased 5% in 10 years, according to a biennial report from the Texas Division of Workers' Compensation.