North Carolina Insurance Commissioner Wayne Goodwin said new workers’ compensation rates have been approved as filed and will go into effect April 1, 2015. There will be a 3.4 percent average decrease to loss costs for the voluntary market. There will be an average 4.5 percent decrease in residual market rates.
By industry group the changes will be: Manufacturing 2.3% decrease; Contracting 2.8% decrease; Office & Clerical 5.0% decrease; Goods & Services 4.4% decrease; and Miscellaneous 2.5%.
Loss costs do not include profit, expenses, dividends or contingencies.
The department of insurance reviewed the September workers’ compensation rate filings from the North Carolina Rate Bureau, the organization that represents the state’s insurers.
In 2013, the department approved a 4.2 percent increase to the voluntary market loss costs and a .3 percent increase to the residual market rates.
The Rate Bureau is required to submit workers compensation rate filings annually in September.
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