Worker’s comp loss costs fall 16.3 per­cent

The Oklahoman - - ENERGY - FROM STAFF RE­PORTS

The an­nual fil­ing most in­surance car­ri­ers will use to de­velop rates for work­ers’ com­pen­sa­tion in­surance in Ok­la­homa shows a de­crease for the fifth year in a row, the state In­surance Department said Thurs­day.

The Na­tional Coun­cil on Com­pen­sa­tion In­surance (NCCI) plans to file an over­all loss cost de­crease of 16.3 per­cent.

The new loss costs will go through a re­view process and are ex­pected to go into ef­fect on Jan. 1, 2018. NCCI files loss costs an­nu­ally with the Ok­la­homa In­surance Department and files sup­ple­men­tal amend­ments to ad­dress sig­nif­i­cant changes in ex­pec­ta­tions such as court de­ci­sions.

“We have seen great suc­cess with ef­fi­ciently re­solv­ing work­place in­juries, but our work is not done,” Ok­la­homa In­surance Com­mis­sioner John D. Doak said in a state­ment. “The Leg­is­la­ture must con­tinue to ad­dress ar­eas of con­cern, such as those pre­sented to the courts, to en­sure we can main­tain a sta­ble mar­ket in Ok­la­homa. We are reach­ing a point where con­tin­ued im­prove­ments in our mar­kets will re­quire in­no­va­tion in the care of in­jured work­ers.”

The 2018 fil­ing shows the largest per­cent­age de­crease in loss costs since the re­forms passed in 2013 went into ef­fect. Ok­la­homa’s de­crease of 16.3 per­cent for 2018 is the largest de­crease filed this year by NCCI.

NCCI will hold a state ad­vi­sory fo­rum in Ok­la­homa City on Oct. 10. The Ok­la­homa In­surance Department will spon­sor a sec­ond fo­rum in Tulsa on Oct. 11.

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 rate-mak­ing process. Most work­ers’ com­pen­sa­tion car­ri­ers use the NCCI loss cost val­ues when de­ter­min­ing the rates charged to Ok­la­homa em­ploy­ers.

We have seen great suc­cess with ef­fi­ciently re­solv­ing work­place in­juries, but our work is not done.” In­surance Com­mis­sioner John D. Doak

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