Louisiana Workers’ Comp Insurance Rates to Drop in 2015

Fewer workplace injuries and less severe ones will result in lower Louisiana worker’s compensation insurance rates in 2015, the second year in a row and the seventh time in 10 years that rates have fallen.

The Department of Insurance reports the 2.4 percent decrease in worker’s compensation loss costs, or claim expenses, will be effective May 1.

The National Council on Compensation Insurance, a national organization that analyzes worker’s compensation data and files loss costs or rates in 35 states, asked for the rate cut.

The Insurance Department says most worker’s compensation carriers in Louisiana use the NCCI annual loss cost filing to formulate their insurance rates.

In 2014, The Advocate reports Donelon approved a 5.1 percent decrease in worker’s comp loss costs.