Missouri businesses could pay less for workers’ compensation insurance premiums next year.
The Missouri Department of Insurance says insurers are likely to see a 3.7-percent drop in loss costs for claims in 2015. That’s based on a report by the National Council on Compensation Insurance.
Those loss projections are used in the setting of rates by insurers.
Department Director John Huff says that’s good news for Missouri businesses.
“The workers’ compensation market continues to be very competitive in Missouri,” says Huff.
He says the largest driver behind the predicted decline is a reduction in overall medical costs.
“We had some larger claims the last couple of years that cycled into the data and those large claims are coming off of the data,” says Huff. “The good news is, Missouri businesses are continuing to see a decline in the number of claims – the frequency, if you will – is continuing to reduce for businesses, so employees and employers are working together to create safer workplaces.”