New Mexico Drops Workers’ Compensation Rate

The New Mexico Department of Insurance has approved rate reductions in workers’ compensation premiums for the fourth year in a row.

Workers’ Compensation Administration director Glenn Smith says such rate reductions make it cheaper to purchase insurance and, hopefully, make New Mexico more attractive to businesses.

He credits efforts by employers and workers for reducing on-the-job injuries.

The National Council on Compensation Insurance has requested a rate reduction of 4.5 percent in the voluntary market and an overall decrease for the Assigned Risk Pool of 0.9 percent. The reductions should go into effect on Jan. 1.