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Louisiana workers compensation rates will see a 12.2% reduction in 2023, Insurance Commissioner Jim Donelon announced on Wednesday.
The decrease, set to take effect on May 1, 2023, continues a downward trend the state has seen for nine out of the past 10 years.
Mr. Donelon said in a statement that Louisiana’s workers comp market is “thriving,” and that a dramatic reduction in rates during the past two decades is great news for employers across the state.
The state has seen a combined decrease in workers comp rates of 35% during the past five years, 47% during the past 10 years, and 63% during the past 20 years.
Louisiana’s total workers comp insurance market this year was estimated to have about $850 million in written premium, according to the Louisiana Department of Insurance.