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NCCI proposes comp rate increase for South Carolina

NCCI proposes comp rate increase for South Carolina

The National Council on Compensation Insurance Inc. has filed to increase South Carolina's workers compensation loss cost rates by 1.9% beginning Sept. 1.

The proposed overall 1.9% increase is partly due to a rise in the state's average weekly wage and an 8.4% increase in lost-time claim severity in 2012, Boca Raton, Florida-based NCCI said at its South Carolina Advisory Forum presentation on Thursday.

While indemnity benefits in the state make up 52% of total benefit costs, medical benefits make up 48%, according to NCCI. Countrywide, however, indemnity benefits constitute 41% of total benefit costs and medical benefits constitute 59%.

Meanwhile, insurers reported an improved combined ratio of 100% in South Carolina in 2013, down from 104% in 2012 and 114% in 2011, according to NCCI.

South Carolina last month became the fourth state to weight opt out legislation.

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