Department Approves 5.6% Rate Decrease
Thursday, December 6, 2018 | 171 | 0 | 2 min read
Louisiana employers should see another drop in their workers' compensation insurance costs, beginning May 1, 2019.
The Louisiana Department of Insurance this week approved a filing from the National Council on Compensation Insurance to reduce average rates in the state by 5.6% the department announced.
“Lower premium payments for businesses are a win for every Louisiana resident,” said Louisiana Workforce Commission Secretary Ava Dejoie.
The department said a statewide emphasis on workplace safety has helped reduce the number of claims filed in recent years, which has reduced experience factors for many employers. A recent Bureau of Labor and Statistics report showed that Louisiana has the lowest non-fatal work-related injury rate in the country, second only to Washington, D.C., Dejoie said.
Over the past 20 years, workers' compensation rates in Louisiana have dropped a total of 51%, Insurance Commissioner Jim Donelon said in an email. But most other states' rates have also dropped.
A national premium comparison by the Oregon Department of Consumer and Business Services shows that Louisiana has ranked 10th-highest in the country in 2014, 2016 and 2018.