Kansas Commissioner of Insurance Ken Selzer announced that workers’ compensation insurance rates on average will drop in his state in 2018.
The National Council on Compensations Insurance Inc. (NCCI) filing for the 2018 workers’ compensation rate shows a decrease of 7.6 percent in the voluntary base rate and a decrease of 5.8 percent for assigned risk workers’ compensation rates.
The decreases affect many of the approximately 65,000 Kansas businesses that pay workers compensation insurance.
Adding together the rate decreases Kansas business owners saw in 2015, 2016, 2017 and now 2018, over a four-year period, the rates will have dropped almost 39 percent in the voluntary base rate and nearly 39 percent in the assigned risk rate.
In Kansas, 65 percent of workers’ compensation benefit distribution goes to pay medical claims, and 35 percent goes to indemnity claims, according to statistics from the NCCI.
The 2018 NCCI filing applies to all insurance carriers writing workers’ compensation policies for businesses in the state. The Kansas Insurance Department staff approved the new filings for a Jan. 1, 2018, effective date.
NCCI prepares workers’ compensation rate recommendations and manages the nation’s largest database of workers’ comp information.
Source: Kansas Insurance Department
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