Tennessee announces comp premium reductions for 2021

The Tennessee Department of Commerce and Insurance on Wednesday announced that workers compensation premiums in 2021 are likely to decline for most of the state’s businesses for the eighth consecutive year.

In November, the department’s Commissioner Carter Lawrence approved a 9.2% overall loss cost decrease beginning on March 1, 2021, on new and renewal policies, which the department said will help Tennessee employers cope with the challenges of the pandemic.

Since 2014, Tennessee has seen loss cost reductions of more than 56%, in part due to fewer significant workplace injuries in the state, the department said.

More insurance and workers compensation news on the coronavirus crisis here.