OSI Approves 10.7% Average Loss Cost Decrease

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...