The National Council on Compensation Insurance (NCCI) recently delivered a workers’ compensation loss cost filing to the New Hampshire Insurance Department.
NCCI said that based upon its review of the most recently available data, it has proposed for New Hampshire an overall average workers’ compensation loss cost level change of -5.9 percent and assigned risk rate change of -5.5 percent to become effective January 1, 2015.
NCCI will be holding the New Hampshire state advisory forum on September 16, 2014 at the Radisson Hotel in Manchester, N.H. The New Hampshire Insurance Department has scheduled a public rate hearing for September 30, 2014.
NCCI said its key observations include the following:
• The latest financial data experience period shows notable improvement when compared with the prior years’ experience period.
• Indemnity loss ratios are continuing to show decreasing trends, in part driven by the long-term decline in frequency of lost-time claims.
• Although the medical loss ratio declined in the latest policy year, medical costs remain an important cost driver in New Hampshire, making up 73 percent of total benefit costs in the state.
• The assigned risk market share has increased significantly since 2010.
The average voluntary loss cost level change proposed for each industry group is as follows: -6.9 percent for manufacturing; -7.7 percent for office and clerical; -4.0 percent for goods and services; -7.0 percent for contracting; and -6.5 percent for miscellaneous.
Source: The National Council on Compensation Insurance
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