The Alabama Department of Insurance will hold a hearing Nov. 16 on a proposed, significant decrease in workers’ compensation loss costs and rating values.
A filing by the National Council on Compensation Insurance proposes a 10.5% overall average decrease in voluntary loss costs and 10.5% decrease for the assigned risk market, to take effect March 1, 2022, the department said in a bulletin.
The decrease, if approved by regulators, would follow a 4.4% increase in average voluntary loss costs in 2020, a 3.4% reduction in 2019 and a 6.4% cut in 2018.
The hearing will be held virtually, via internet connection, starting at 10 a.m. Central time. A link will be posted on the insurance department’s website closer to the hearing date. Anyone wishing to submit written comments should send them by Nov. 2 to the department’s chief counsel’s email address, John.McDonald@insurance.alabama.gov.
Topics Trends Pricing Trends Alabama
Was this article valuable?
Here are more articles you may enjoy.
Liberty Mutual ‘Shifting From Fixing to Building’ in 2026, CEO Says 
Marine Insurers Cancel War Risk Cover as Iran Conflict Escalates 
Greek Oil Tanker Exits Hormuz Shipping Strait With Signal Off 
Stryker Remains Offline After Cyberattack Linked to Iran Group 
