On November 8, 2019, Louisiana State Insurance Commissioner, James Donelon, approved an 8.4% workers’ compensation rate reduction based on an annual loss cost filing from the Florida-based National Council on Compensation Insurance, Inc. (NCCI). The NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations in 35 member states. The reduction continues a trend that has seen a cumulative drop of nearly 25% over the last five years.
“Through improved workplace safety and better risk management practices, these diminishing rates continue to benefit businesses statewide,” Donelon said.
Louisiana’s workers’ compensation insurance market is estimated to be approximately $800 million in total premium. The new rate will take effect May 1, 2020.