NCCI recommends 2.3% increase in Georgia workers comp advisory ratesPosted On: Nov. 22, 2013 12:00 AM CST
The National Council on Compensation Insurance Inc. has requested a 2.3% hike in Georgia workers compensation advisory rates for next year based on increased claim frequency and medical severity.
In a presentation posted online Tuesday, Boca Raton, Fla.-based NCCI said Georgia's workers comp medical claim severity climbed 5% in 2011 from 2010. Meanwhile, lost-time claim frequency in the state grew 4.5% in 2011 compared with the prior year.
Still, workers comp insurers have seen recent financial improvements in Georgia, according to NCCI. The ratings and research agency said Georgia insurers reported a combined ratio of 111% for the 2012 accident year, compared with 118% in 2011. While the combined ratio improved, it still is not profitable.
NCCI's proposed rate would be effective March 1, 2014, if approved by the Georgia Insurance and Safety Fire Commissioner's office.