NCCI files for 2.6% Maine workers comp loss cost rate increase
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The National Council on Compensation Insurance Inc. has filed to increase Maine workers compensation loss cost rates by 2.6% beginning April 1.
The increase is partly due to the state’s 2.1% increase in lost-time claim frequency in 2012, Boca Raton, Florida-based NCCI said at its Maine Advisory Forum presentation on Tuesday. Lost-time claim frequency decreased 6.1% countrywide in the same year.
In addition, insurers reported a combined ratio of 122% in Maine in 2013, up from 111% in 2012, according to NCCI.
While medical benefits in the state make up 52% of total benefit costs, indemnity benefits make up 48%, according to NCCI. Countrywide, medical benefits constitute 59% of total benefit costs and indemnity benefits constitute 41%.
Despite the requested rate hike, Maine has seen loss cost rates decline a total of 23.1% since 2001, according to NCCI.
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