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.
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