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The Missouri Department of Insurance has recommended a 10.1% increase in advisory workers compensation rates for 2014, the agency said in a bulletin.
The rate hike is lower than one proposed by the National Council on Compensation Insurance Inc., which had recommended a rate increase of 11.6% for Missouri, the state insurance department said Dec. 20.
Missouri law allows insurers to set their workers comp rates based on either recommendation from NCCI or the state insurance department, or insurers may set rates based on their own analysis.
The state said Boca Raton, Fla.-based NCCI did not factor Missouri Employers Mutual Insurance Co. into its rate proposal, which partly accounted for the difference in rates proposed by NCCI and the state insurance department. MEMIC is Missouri's largest workers comp insurer with 17.75% of the Missouri comp market.
Missouri’s comp costs are expected to increase 3.8% annually because of recently passed legislation that created a surcharge to fund Missouri’s Second Injury Fund, the state said in its bulletin. However, it said the state has benefited from a 26% decline in comp claim frequency from 2004 to 2011.