Employers in Missouri should see a continued decrease in workers’ compensation insurance costs.
The Missouri Department of Insurance is recommending a 4.6 percent decrease in workers’ comp insurance loss costs for 2017. This would mark the third year in a row of decreases in costs for businesses, with rates going down 9.8 percent over that time.
Of Missouri’s 337 active workers’ comp insurers, 225 insurers filed rate decreases in 2016 with an average decrease of 2.9 percent, according to the department.
Prospective loss costs are intended to cover indemnity and medical payments for injured workers and some of the expenses associated with providing these benefits. Insurers use loss costs to set their workers’ comp rates.
Topics Workers' Compensation Missouri
Was this article valuable?
Here are more articles you may enjoy.
Appetite for Insurance M&A Remains as AI Enters the Chat, Says PwC 
AM Best: Data Centers Pose Risks Beyond What P/C Industry Has Experienced 
Ben & Jerry’s Co-Founder Says Brand Being ‘Destroyed’ by Magnum 
Eli Lilly Wins Court Order in Fraud Allegations Against Florida, TN Pharmacy Groups 
