A national group is recommending that the state of Louisiana cut workers’ compensation rates by 5 percent because of fewer workplace claims among other factors.
The Times-Picayune reports the National Council on Compensation Insurance has filed documents with the Louisiana Department of Insurance saying businesses in the state should pay lower rates because workers’ compensation claims declined in 2011.
According to the Louisiana Workforce Commission, employers across the state saw lighter losses in 2010 and 2011.
The NCCI says those improvements can be attributed to a decrease in the number of workplace injuries and a reduction in the average cost per claim.
The NCCI recommends additional cuts in manufacturing by 7 percent, contracting by 5 percent, office and clerical by 6 percent, goods and services by 6 percent and miscellaneous industry groups by about 3 percent.
If the insurance department adopts the lower rates, they would take effect May 14.
Topics Louisiana Workers' Compensation
Was this article valuable?
Here are more articles you may enjoy.
Relief But Questions on Agents’ Duties to Insureds After Florida Court Ruling 
Nearly Half of 100 Largest P/C Insurers Destroy Value: ACORD 
Florida Insurance Agency VP Sentenced to 3 Years in Massive ACA Fraud Scheme 
’60 Minutes’ Homeowners Ask Court to Force DFS to Divulge Heritage Probe Info 
