Louisiana Commissioner of Insurance Jim Donelon announced that rates for workers’ compensation insurance are decreasing, thanks to a large drop in loss costs for insurers.
Most workers’ comp carriers in Louisiana use the National Council on Compensation Insurance (NCCI) annual loss cost filing report to help formulate their insurance rates. As a result of a recent NCCI lost cost filing showing Louisiana with the nation’s largest percentage drop in loss costs at 15.8 percent, several companies have filed for a rate decrease with the Department of Insurance. More filings are coming in at present and this trend will likely continue.
Twenty-seven companies with a statewide market share of 0.1 percent or more are collectively requesting an average 15.9 percent decrease in rates. The total Louisiana workers’ compensation market is estimated at $1.03 billion. These 27 companies account for $230 million or approximately 22.4 percent of the market.
Source: Louisiana Department of Insurance
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