The New Mexico Office of Superintendent of Insurance recently approved an average 10.7% loss cost reduction, effective for policies incepting on or after Jan. 1.
OSI said in a statement Monday that this is the eighth consecutive rate decrease.
“The continuous improvement in loss costs is a result of a long-term negative trend in claims frequency, along with a flat indemnity severity and a decreasing medical severity,” the agency said. “The COVID-19 claims volume in New Mexico has been small and has not significantly affected loss costs.”
The National Council on Compe...
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