South Carolina businesses may see a break on workers’ compensation rates next year.
The insurance industry’s National Council on Compensation Insurance told state regulators that loss costs — a key element in setting rates — should be reduced by 0.3 percent in a filing with the South Carolina Department of Insurance.
Amy Quinn, NCCI’s representative in South Carolina, said the lower losses show a decrease in how often people are injured at work, which offsets medical cost increases.
The last NCCI loss cost reduction was 10.4 percent in 2001. NCCI wanted a nearly 24 percent increase last year, but that increase was cut to just under 10 percent before it went into effect in July.
Topics Talent Workers' Compensation
Was this article valuable?
Here are more articles you may enjoy.
Meta Agrees to Pay Up to $18 Billion Over Social Media Claims 
Russian-Speaking Cybercriminals Used SpaceX’s Cursor AI Tool to Hack 7 Companies 
World Inches Toward Catastrophic Climate Events: ‘Bigger Shocks Are On the Way’ 
Glacier Collapse Behind Nepal Flood Shows Region’s Climate Risk 
