NCCI Proposes 10.2% Loss Cost Decrease, 4th in 4 Years

A National Council on Compensation Insurance filing delivered Thursday indicates that loss costs shrank for the fourth year in a row in Oklahoma. NCCI is proposing a 10.2% decrease in loss costs, effective Jan. 1, after reviewing data from policy years 2013 and 2014. Loss costs in Oklahoma's workers' compensation system have dipped 44% overall since the 2013 system overhaul, NCCI said. Lost-time claim frequency continued to decline steadily, and indemnity claim costs dropped significantly in the latest two policy years. Those observations were "key" to NCCI's decisi...