The National Council on Compensation Insurance Inc. has recommended a 3.7% decrease in Missouri workers compensation rates for 2015, the state insurance department said Tuesday.
The recommendation of the Boca Raton, Florida-based workers comp ratings and research organization is based on a decrease in medical claim costs for Missouri workers comp claims, according to a statement from the Missouri Department of Insurance, Financial Institutions and Professional Registration.
The department will review the NCCI's filing and then make its own workers comp rate recommendation, the department said. The proposed rate change would be effective Jan. 1.
“This is positive news for Missouri businesses,” John M. Huff, the state's insurance director, said in the statement. “The workers compensation market continues to be competitive in Missouri, with 319 (insurers) actively writing business. The effects of lower workers compensation rates will contribute to continued economic growth in this state.”