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Officials predict 2.7 percent cut in La. worker's comp rates

1 year 4 months 4 weeks ago October 31, 2015 Oct 31, 2015 Saturday, October 31 2015 October 31, 2015 1:40 PM in News
Source: Associated Press
By: APnewsNow

BATON ROUGE - State officials say workers' compensation insurance rates in Louisiana are likely to drop next year by 2.7 percent.

The Department of Insurance and the Louisiana Workforce Commission say the cut was recommended by the National Council on Compensation Insurance. It is expected to take effect May 1 - pending final approval from Department of Insurance officials.

Insurance Commissioner Jim Donelon's office says most Louisiana workers' compensation insurance carriers use the NCCI's annual cost filing to formulate rates.

Officials attribute the decrease to a competitive market, the implementation of guidelines to improve treatment and to the fact that workplaces are reporting fewer and less severe injuries.

Donelon's office said the 2016 reduction will mark an overall drop in workers' compensation rates of 38 percent since 2006 and 51 percent since 1996.

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