For the second straight year, workers’ compensation loss costs used by insurers to determine rates for employers will show an overall decrease in Oklahoma.
The National Council on Compensation Insurance (NCCI) has filed an overall loss cost level decrease of 7.8 percent, bringing the total two-year decrease to 22.4 percent, the Oklahoma Insurance Department announced.
Commenting on the decrease, Oklahoma Insurance Commissioner John D. Doak said he doesn’t “think it’s a coincidence that it all started with Oklahoma’s push for workers’ compensation reform.”
He commended Oklahoma lawmakers and Gov. Mary Fallin for their efforts to improve the state’s workers’ compensation system.
The NCCI is an advisory organization that studies workplace injuries, collects workers’ compensation claim data, analyzes industry trends and develops loss costs to be used in the ratemaking process.
Most workers’ compensation carriers use the NCCI loss cost values when determining the rates charged to Oklahoma employers. NCCI credits Oklahoma’s premium level decrease to declines in market experience and market trend, as well as recent reforms.
The new loss costs go into effect on Jan. 1.
Source: Oklahoma Insurance Department
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