NCCI Proposes 7.3% Hike in Loss Costs

After three years of rate decreases, South Carolina employers would see an average hike of 7.3% in workers' compensation loss costs effective July 1, under a rate filing submitted by the National Council of Compensation Insurance.The voluntary market rate filing shows that claims frequency increased from an average of 18.8 claims per $1 million of on-leveled, wage-adjusted premium in 2008 to 19.7 claims per $1 million in 2009. During the same period, the indemnity cost per case increased to $33,524 from $32,260 while medical costs increased to $27,986 from $24,831."It is anticipated that f...