BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
The National Council on Compensation Insurance Inc. recommends workers compensation rate decreases for voluntary and assigned-risk markets in Arizona and Mississippi.
At its Arizona Advisory Forum presentation on Thursday, Boca Raton, Florida-based NCCI proposed an overall rate decrease of 2.2% for the voluntary and assigned-risk markets, to take effect Jan. 1.
This is the second consecutive rate decrease filed by NCCI. Arizona employers saw a 6% decrease for 2015 and a 3.2% increase for 2014, the agency said.
While indemnity benefits in the state make up 24% of total benefit costs, medical benefits make up 76%, according to NCCI. Countrywide, indemnity benefits represent 41% of total benefits costs and medical benefits represent 59%.
In 2014, Arizona's combined ratio improved 10 percentage points to 96%, NCCI said.
The state also has an average lost-time claim frequency of 647 claims per 100,000 workers, which is among the lowest in the region, the agency said, noting that Nevada's average lost-time claim frequency is 1,078 claims per 100,000 workers and Colorado's is 986 per 100,000 workers.
The proposed loss cost level decrease for the voluntary and assigned-risk markets in Mississippi is 7.9%, NCCI said at its Advisory Forum presentation for the state, which also took place Thursday. The rate would take effect March 1.
The recommended rate cut follows 2015's 3.2% decrease for the voluntary market and 1.6% decrease for the assigned-risk market, according to NCCI. In 2014, rates increased 3.8% for both the voluntary and assigned-risk markets.
Mississippi's combined ratio was 95% in 2014, an improvement from 101% in 2013 and 104% in 2012, NCCI said.
Indemnity benefits in the state make up 39% of total benefit costs, while medical benefits make up 61%, according to the agency. This is similar to the rest of the region, in which indemnity benefits represent 35% of total benefit costs and medical benefits represent 65%.
“The filing is currently under regulatory review by the Mississippi Insurance Department,” Jay Rosen, director and senior actuary at NCCI, said in an email.
Idaho employers will see slightly higher workers compensation rates in 2016, the state's Department of Insurance said.