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Improved loss costs drive New Mexico comp premiums down

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The New Mexico Office of Superintendent of Insurance announced an average 16% reduction in workers compensation pure premiums for 2018.

The decrease in pure premium is based on a recommendation from the Boca Raton, Florida-based National Council on Compensation Insurance Inc. An improvement in average medical care costs and wage replacement costs drove down the pure premium, according to the New Mexico Office of Superintendent.

“This continued positive trend of decreased loss costs for workers’ compensation rates supports New Mexico’s businesses and keeps workers protected,” said Santa Fe, New Mexico-based John G. Franchini, superintendent. “This development reflects the hard work of employers, employees, and care providers alike to keep claims and costs down,” he said.