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BATON ROUGE, La.--Twenty-seven insurers representing 22% of Louisiana's workers compensation market have filed for an average 15.9% rate decrease, according to Louisiana Commissioner of Insurance Jim Donelon.
As more insurers file their rates, the trend will likely continue, the commissioner said in a statement Friday. He attributed falling rates to a 15.8% decrease in insurer loss costs.
Louisiana's workers comp market is estimated to total $1.03 billion, the commissioner said. The 27 companies that have filed rates, which are expected to take effect in June, account for $230 million in market share.