Missouri insurance regulators say employers in that state should see lower workers’ compensation insurance rates for the third straight year in 2017.
The Missouri Department of Insurance says the National Council on Compensation Insurance (NCCI) has proposed an overall decrease of 3.7 percent for 2017 workers’ compensation loss costs. After a thorough review of the NCCI loss costs, the department will recommend its own loss costs.
Insurers and self-insurers use loss costs to establish workers’ compensation rates for Missouri employers. According to the NCCI, claims from injuries where there is lost time from work, continue to decline. Medical inflation continues to grow, but is increasing at a slower pace than the decline in lost-time claims, contributing to this years’ decrease.
Of Missouri’s 336 active carriers, 220 carriers filed rate decreases in 2016 with an average decrease of 2.9 percent.
The NCCI’s proposed change in loss costs by industry group is shown below:
|Industry Group||Average Change|
|Office and Clerical||-6.9%|
|Goods and Services||-3.8%|
Workers’ compensation claims are regulated by the Division of Workers’ Compensation in the Missouri Department of Labor and Industrial Relations, and rates are reviewed by the Department of Insurance.
Source: Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP)
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