The Louisiana Department of Insurance is predicting a 2.7% drop in Workers' Compensation rates for businesses in 2016, the Baton Rouge-based Advocate newspaper is reporting. The dip would save employers approximately $23.5 million in premiums.
The state Insurance Department is reviewing a filing by the National Council on Compensation Insurance (NCCI), which most insurers offering WC in Louisiana use. According the The Advocate, in seven of the past 10 years, NCCI has filed for WC rate reductions in the state. Altogether, the filings would have reduced rates by nearly 38%.
According to Louisiana Insurance Commissioner Jim Donelon, the number of insurers writing WC in the state has increased 19% from 2007 to 2014. "In 2007, there were 197 companies writing Workers' Comp," Donelon told The Advocate. "By the end of 2014, we had 235 companies writing here."
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