Louisiana Workers’ Compensation Rates to Decrease by 9% in 2024

Louisiana Insurance Commissioner Jim Donelon has approved a 9% reduction in workers’ compensation rates for 2024. The decrease will take effect in May 2024.

According to the Louisiana Department of Insurance, workers’ compensation rates have fallen consistently over the past two decades. They have had a cumulative drop of -37% over the last five years, -49% over the last ten years, and -66% over the past 20 years. The 2024 reduction is in accordance with the recommendations made by the National Council on Compensation Insurance (NCCI) to 35 member states, including Louisiana. NCCI members can adopt the approved rate, or they can include NCCI’s analysis with their own loss experience to complete their own rate filing with the Louisiana Department of Insurance.

There are currently 263 companies writing workers’ compensation insurance in Louisiana. The total Louisiana workers’ compensation insurance market in 2023 is estimated to have about $950 million in written premium.