The private insurer running Missouri’s workers’ compensation pool for high-risk businesses has filed an average rate cut of 3.7 percent, effective for policies issued after June 30, according to the Missouri Department of Insurance (MDI). The rate reduction should save the 7,500 Missouri businesses in the pool about $3 million a year overall, MDI estimated. The pool issues workers’ comp policies to employers that cannot find coverage in the regular insurance market. Some pool employers reportedly have poor safety records while others are in high-risk industries that regular commercial insurers refuse to cover. Travelers Commercial Casualty Co., which administers the Missouri’s pool under a competitively bid contract, submitted the rate request to MDI. Although MDI must hold a public hearing on the reduction by law, it is expected to approve the filing.
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