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Member, Beacon International Group, Ltd.
The National Council on Compensation Insurance Inc. has proposed a 2.7% decrease in advisory workers compensation rates next year for Louisiana, the state insurance department said.
The rate filing is based partly on declining workers comp claim frequency and severity in Louisiana, as well as increased competition among Louisiana workers comp insurers, the insurance department said Monday.
“In 2007, there were 197 companies writing workers comp; by the end of 2014 we had 235 companies writing here — an increase of 19%,” Louisiana Insurance Commissioner Jim Donelon said in a statement. “That competition is also bringing costs down, with companies today paying nearly 40% less for the same coverage as they were 10 years ago.”
If approved by the Louisiana Department of Insurance, the rate cut would be effective May 1, 2016.