NCCI: Experience Drives 16.2% Rate Cut for 2018

The average severity of workers’ compensation claims is dropping along with the number of claims filed each year, contributing to a 16.2% drop in voluntary loss costs for 2018, according to the National Council on Compensation Insurance. The rate cut for 2018 follows a 9% reduction approved for 2017 and a 6.2% cut for 2016, according to data NCCI presented during Thursday's New Mexico State Advisory Forum. New Mexico will also see the largest rate reduction of nearby states, according to NCCI. Rates are dropping 12.7% in Colorado, 10.7% in Nevada, 9.4% in Utah and 7.8% in Texas. N...