A filing by the National Council on Compensation Insurance (NCCI) that would reduce workers’ compensation insurance rates in Louisiana by 8.4% next year has been approved by Louisiana Insurance Commissioner Donelon.
According to the Louisiana Department of Insurance, the decrease, which is effective May 1, 2020, continues a downward trend that has been occurring for the last six years.
In a media release, Donelon said that over the last five years workers’ comp rates in the state have dropped by a cumulative 24% and over the last 25 years there has been a cumulative 55% rate reduction.
Founded in 1923, the NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations in 35 member states.
The Louisiana workers’ compensation insurance market is estimated to be in excess of $800 million in total premium.
Source: Louisiana Department of Insurance
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