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Oklahoma Insurance Commissioner Glen Mulready on Friday announced an 8.2% decrease in workers compensation loss costs for 2023.
Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. The new loss costs will go into effect for new and renewing policies, effective Jan. 1.
“This marks the 12th consecutive year that the department has approved loss cost decreases for workers compensation insurance,” the commissioner’s office said in a statement. “Oklahoma’s loss cost has decreased significantly from 2016 to 2021, averaging a 9.5% decrease per year.”
Declining frequency is a key factor in falling loss costs. The commissioner said lost-time claim frequency has fallen by almost 50% over the last 15 years and is projected to fall again in 2023.
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