New Mexico Workers Compensation Insurance Rates are Cut

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Rates are being cut for New Mexico workers’ compensation insurance premiums.

The state Insurance Department has approved overall rate reductions of 4.2 percent for the voluntary market and 1.3 percent for the assigned risk pool, state officials said. The new rates take effect Jan. 1.

“These rate reductions aid the New Mexico economy by making it more attractive to businesses, and they make it easier to purchase insurance to protect our workers,” said Alan Varela, director of the New Mexico Workers’ Compensation Administration.

New Mexico businesses recorded a 4.5 percent reduction in work-related accidents, according to the National Council on Compensation Insurance.

However, not all businesses will be eligible for premium reductions.

“Businesses with a poor safety record and a high number of severity of work-related injuries will continue to pay premiums based on their individual experience,'”agency spokesman Van Cravens said in a news release.