Workers’ Compensation Loss Costs Fall

For the fourth consecutive year, the annual filing most Oklahoma insurance carriers use to develop workers’ compensation insurance rates has decreased. The National Council on Compensation Insurance (NCCI) has filed a loss decrease of 10.2 percent.

Trend Started in 2013

Declines in market experiences and trends as well as recent insurance reforms are responsible for the loss decrease. Since 2013, workers’ compensation loss filings have dropped by 44 percent. Oklahoma Insurance Commissioner John D. Doak said the positive trend bodes well for business owners who will spend less on insurance and more on their employees and on job creation.

NCCI’s Role

As an advisory organization that studies and develops data on workplace injuries and claims, NCCI develops loss costs that are used by many insurance companies to develop annual rates. Most insurance carriers in Oklahoma use NCCI figures when setting rates.

For more information on how this rate change could affect your business, contact Elias & Elias, Attorneys at Law.