Workers’ compensation rates in South Carolina would rise by an average of 20.3 percent if a rate hike request filed by the National Council on Compensation Insurance (NCCI) is approved by the South Carolina Department of Insurance. According to the Post and Courier, NCCI made the request in filing its “loss cost” estimate; the rate hike would be the first in about 10 years for NCCI.
If approved, the increase would raise employer costs by a minimum of $203 for every $1,000 in premiums.
Other carriers raised workers’ comp rates in South Carolina earlier this year, citing the hardening market and higher claims costs.
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