Workers comp advisory rates to drop 9% in New MexicoPosted On: Oct. 25, 2016 3:08 PM CST
New Mexico has approved a 9% reduction in workers compensation pure premium rates for 2017, the state Office of Superintendent of Insurance said Tuesday.
The advisory rate cut, effective Jan. 1, is based on a recommendation from the National Council on Compensation Insurance Inc. NCCI data shows decreased costs in New Mexico for workers comp medical care and wage replacement, according to the insurance department statement.
The department noted that the rate decrease represents a statewide average, and that individual employers may see a larger decrease, no change, or even an increase in their workers compensation pricing for 2017 depending on their industry, claims experience and payroll.
“Through the combined efforts of employers, medical providers, employees, and insurers’ care managers, we are able to see a continued positive trend in workers compensation rates, which supports a solid business environment for New Mexico and keeps workers protected,” New Mexico insurance Superintendent John G. Franchini said in the statement.
This is the second consecutive year that workers comp advisory rates have decreased in New Mexico, the insurance department said.