Louisiana Insurance Commissioner Jim Donelon has approved a 9% reduction in workers’ compensation rates for 2024.
The decrease will take effect in May 2024.
Louisiana has seen workers’ compensation rates fall over the last two decades. Rates have had a cumulative drop of -37% over the last five years, -49% over the last ten years, and – 66% over the past 20 years, according to the Louisiana Department of Insurance.
“This rate decrease continues the downward trend we have seen over the years,” said Donelon. “Our workers compensation market is competitive, and it’s a significant benefit to businesses statewide.”
The total Louisiana workers’ compensation insurance market in 2023 is estimated to have about $950 million in written premium, LDI said. Louisiana has 263 companies writing workers’ compensation insurance.
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