NCCI recommends comp rate decrease for IllinoisPosted On: Jul. 28, 2017 2:27 PM CST
The National Council on Compensation Insurance said Wednesday that it recommends a 10.9% workers compensation premium rate decrease for Illinois.
Boca Raton, Florida-based NCCI is recommending an overall average assigned risk rate level change of -7.5%, effective Jan. 1.
The filing is based on the premium and loss experience for policy years 2014 and 2015, NCCI said in a statement.
NCCI has filed recommendations for overall advisory rate and loss cost decreases in Illinois in 2013, 2014, 2015 and 2017. There was no filing for 2016 and the 2018 proposed change is still under review by the Illinois Insurance Department, NCCI said.
The organization said 2011 workers comp insurance reforms in Illinois have contributed to improvements in the state's workers comp market, but NCCI also noted it has filed more rate/loss cost decreases than increases in the states it provides ratemaking services.
"Thus, improvement in the Illinois experience is likely also to be somewhat attributable to broader factors," NCCI said in an email Friday. "The Illinois reform impact cannot be isolated to make a definitive determination."