Louisiana Insurance Commissioner Jim Donelon has approved a 10.5% reduction in workers’ compensation rates. The decrease will take effect May 1, 2022. This is the eighth time in the last nine years that rates have declined, including the 2022 reduction. Over the last two decades, rates have dropped 25% over the past five years, 38% over the past ten years, and 57% over the past twenty years. The 2022 reduction is in accordance with the recommendations made by the National Council on Compensation Insurance (NCCI) to 35 member states, including Louisiana. Participates may adopt the approved rates or utilize NCCI’s analysis in completing their own rating filing.

There are currently 249 companies writing workers’ compensation policies in Louisiana. The market is estimated to have $850 million in written premiums.