Worker’s comp loss costs fall 16.3 percent
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