Tennessee’s workers compensation premium rates will decline for the seventh year in a row, the Tennessee Department of Insurance announced Tuesday.
Hodgen Mainda, Tennessee insurance commissioner, approved a 7.1% overall loss cost decrease for 2020, said the department in a statement. The National Council on Compensation Insurance, based in Boca Raton, Florida, recommended a 9.5% reduction in late August, but the rate was modified after data from workers compensation fee schedule changes was made available.
Tennessee has approved loss cost reductions of more than 52% since 2014, when Tennessee implemented a series of workers compensation system reforms. Reduced loss costs have also been affected by a reduction in significant workplace injuries in the state, according to the department.
The reduction will become effective March 1, 2020.
Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak has approved a 19% reduction in workers compensation rates in the state.