The annual filing most insurance carriers will use to develop rates for workers’ compensation insurance shows a decrease for the fourth year in a row in Oklahoma, according to the state insurance department.
The Oklahoma Insurance Department reported that the National Council on Compensation Insurance (NCCI) filed an overall loss cost decrease of 10.2 percent on Sept. 8. NCCI credits Oklahoma’s loss cost decrease to declines in market experience and market trend, as well as the recent reforms.
With this year’s drop, the total impact of NCCI filings since 2013 is a 44 percent decrease. The new loss costs will go through a review process and are expected to go into effect on Jan. 1, 2017.
The NCCI is an advisory organization that studies workplace injuries, collects workers’ compensation claim data, analyzes industry trends and develops loss costs to be used in the ratemaking process. Most workers’ compensation carriers use the NCCI loss cost values when determining the rates charged to Oklahoma employers.
Source: Oklahoma Insurance Department
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