Missouri insurance department recommends 4.4% 2015 comp rate decrease
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The Missouri Department of Insurance has recommended a 4.4% decrease in advisory workers compensation rates for 2015.
The rate cut exceeds an earlier recommendation from the National Council on Compensation Insurance Inc., which had sought a http://www.businessinsurance.com/article/20140902/NEWS08/140909965 3.7% decrease in Missouri workers comp rates for next year.
The Missouri insurance department said Monday in a statement that its review of Missouri-specific workers comp claims experience differed from NCCI's nationwide claims analysis, and that the insurance department based its rate on a state analysis.
Insurers can choose to base their Missouri workers comp rates on either the NCCI recommendation or the insurance department recommendation, the department said Tuesday in a statement to Business Insurance.
Overall, the insurance department said the state's recommended rate cut reflects favorable workers comp loss experience in 2012 for Missouri employers.
“A decrease in large losses during 2012, a decrease in the overall medical claims cost associated with workers compensation claims, and the downward trend in lost-time frequency are the three key factors behind the recommended decrease in workers compensation rates,” the insurance department's director, John M. Huff, said in a statement.
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