Baton Rouge, LA – Insurance Commissioner Jim Donelon recently announced that rates for workers’ compensation policies are decreasing.
The Louisiana Department of Insurance has approved a rate filing from the National Council on Compensation Insurance (NCCI) for a statewide decrease of 5.6% in workers’ compensation rates. NCCI is a national organization, which analyzes workers’ compensation data and files loss costs or rates in 35 states.
“Louisiana businesses are benefiting from the competition in the workers’ compensation market,” said Commissioner Donelon. “Through improved workplace safety and better risk management practices, rates have continued their downward trajectory and are more affordable for businesses statewide. Rates have had a cumulative drop of 19 percent over the last five years and 51 percent over the last 20 years. ”
The Louisiana Department of Insurance actuaries reviewed the NCCI filing and Commissioner Donelon approved the decrease to take effect May 1, 2019. The total Louisiana workers’ compensation market is estimated to be almost $800 million in total premium.