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Missouri recommends comp rate increase for first time in six years

Missouri capitol

The Missouri Department of Commerce and Insurance recommended on Thursday a 1% increase in workers compensation insurance loss costs for 2021 — the first recommended increase in six years.

The department attributed the slight increase to a 0.5% increase in experience, trend and benefit changes and a 0.5% increase in loss-based expenses. According to the department, the National Council on Compensation Insurance also proposed an overall loss increase of 1% for policies effective Jan. 1, 2021.

NCCI’s loss costs changes by industry group include a 1.1% decrease in contracting, but a 1.4% increase in manufacturing, a 2.3% increase in office and clerical, a 1.7% increase in goods and services, and a 0.9% increase in miscellaneous industries.