Baton Rouge, LA – Louisiana Insurance Commissioner Donelon recently approved the annual loss cost filing of the National Council on Compensation Insurance (NCCI) effective May 1, 2020. The filing reduces Workers Compensation rates -8.4% and continues the downward trend of the last six years.
“This reduction is more welcome news for Louisiana businesses and individuals who purchase workers’ compensation insurance coverage,” said Commissioner Donelon. “Through improved workplace safety and better risk management practices, these diminishing rates continue to benefit businesses statewide. Rates have had a cumulative drop of -24% over the last five years and -55% over the last 20 years.”
Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations in thirty-five (35) member states.
The total Louisiana workers’ compensation insurance market is estimated to be in excess of $800 million in total premium.
Source: LA DOI