NCCI proposes comp rate increase for South CarolinaReprints
The National Council on Compensation Insurance Inc. has filed to increase South Carolina's workers compensation loss cost rates by 1.9% beginning Sept. 1.
The proposed overall 1.9% increase is partly due to a rise in the state's average weekly wage and an 8.4% increase in lost-time claim severity in 2012, Boca Raton, Florida-based NCCI said at its South Carolina Advisory Forum presentation on Thursday.
While indemnity benefits in the state make up 52% of total benefit costs, medical benefits make up 48%, according to NCCI. Countrywide, however, indemnity benefits constitute 41% of total benefit costs and medical benefits constitute 59%.
Meanwhile, insurers reported an improved combined ratio of 100% in South Carolina in 2013, down from 104% in 2012 and 114% in 2011, according to NCCI.
South Carolina last month became the fourth state to weight opt out legislation.