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South Dakota employers will see an 8.9% decrease in its voluntary market loss cost workers compensation rate as of July 1, according to the National Council on Compensation Insurance Inc.
A Tuesday presentation by the Boca Raton, Florida-based workers compensation ratings and research organization attributed the decrease to the downward trend of South Dakota's indemnity loss ratio and flat medical loss ratio, among other factors.
South Dakota's lost time claim frequency — 877 claims per 100,000 workers — is lower than for some states in the region, but its medical-only claim frequency — 4,131 claims per 100,000 workers — is among the highest, according to NCCI.
Meanwhile, South Dakota employers in the assigned risk market will see a rate decrease of 8.4%, NCCI said.
As conditions in the workers compensation insurance market evolve amid increased competition and improving insurer profitability, residual market insurers such as the one in Colorado are reassessing their place in the market.