New Relativities Decrease Rates an Average of 10%

The Texas Department of Insurance has approved classification relativities that will result in an average 10% decrease in rates, effective July 1.  The amount of changes to individual classifications averages from a 32.5% decrease to a 12.5% increase, the department said in Bulletin B-0001-17, issued Monday. The department’s classification relativities are one of three methods that Texas workers’ comp insurers may use to file rates. Carriers also have the option of filing their own relativities or using loss costs posted by the National Council on Compensation Insurance...