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The Louisiana Department of Insurance said Tuesday that it has approved a rate filing from the National Council on Compensation Insurance Inc. for a 9.8% decrease in advisory workers compensation rates.
The decrease is effective May 1, the department said in a statement.
Louisiana advisory workers comp rates have dropped four years in a row, Louisiana Insurance Commissioner Jim Donelon said in the insurance department statement.
The lower rates are due to fewer nonfatal occupational injuries and illnesses, the department said. Louisiana had 26,000 work illnesses and injuries in 2015, down from 40,000 incidents in 2005, the department said, citing data from the federal Bureau of Labor Statistics.
“Louisiana businesses are again reaping the benefits of lower workers compensation rates. Rates have had a cumulative drop of 34% over the last ten years and 50% over the last 20 years” Mr. Donelon said in the statement. “Robust competition and a lower frequency of claims are resulting in workers compensation insurance being more affordable for business owners and that’s good news for Louisiana.”
Pinnacol Assurance Co., Colorado’s state-chartered workers compensation insurer, will decrease its rates by an average of 3.2% in 2017 for its policyholders in Colorado.