Rates for workers’ compensation insurance will decrease in Louisiana next year, the state insurance department announced.
Louisiana Department of Insurance has approved a rate filing from the National Council on Compensation Insurance (NCCI) for a statewide decrease of 5.6 percent in workers’ compensation rates
“Louisiana businesses are benefiting from the competition in the workers’ compensation market,” Insurance Commissioner Jim Donelon said in LDI’s announcement. “Through improved workplace safety and better risk management practices, rates have continued their downward trajectory and are more affordable for businesses statewide. Rates have had a cumulative drop of 19 percent over the last five years and 51 percent over the last 20 years.”
The Louisiana Department of Insurance actuaries reviewed the NCCI filing and Commissioner Donelon approved the decrease to take effect May 1, 2019. The total Louisiana workers’ compensation market is estimated to be almost $800 million in total premium.
NCCI is a national organization that analyzes workers’ compensation data and files loss costs or rates in 35 states.
Source: Louisiana Department of Insurance
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