NCCI recommending 14.8% Rate Cut

The National Council on Compensation Insurance is recommending that the Alaska Division of Insurance reduce its voluntary loss cost level, by 14.8%, effective Jan. 1. NCCI is also recommending an overall average assigned risk rate level reduction of 17.5%. The national rate-making organization said claim frequency has dropped sharply in Alaska, falling to 13.1 claims per $1 million on on-leveled, wage-adjusted premium in 2016, from 14.4 in 2015 and 15.5 in 2014. At the same time, NCCI observed that “indemnity cost per case in excess of wage growth has shown a short-term upward trend, ...