Louisiana Commissioner of Insurance Jim Donelon announced that rates for workers’ compensation insurance are decreasing in Louisiana, based on a recent report from the National Council on Compensation Insurance (NCCI).
Most workers’ comp carriers in Louisiana use the NCCI annual loss cost filing report to help formulate their insurance rates. A recent NCCI loss cost filing showed Louisiana with an 8.6 percent drop in loss costs, which was approved by the Department of Insurance in January 2008.
Companies will begin adopting the new rates by filing for a rate decrease with the Department of Insurance around late March through September 2008 and begin using the lower rates within approximately 45 days after approval of the adoption.
This reduction follows a 15.8 percent reduction in workers’ comp rates last year – the largest decrease of the 36 states.
The total Louisiana workers’ compensation market is estimated at $1.03 billion.
Source: Louisiana Department of Insurance
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