Rate Bureau Proposes 15.9% Loss Cost Decrease

The North Carolina Rate Bureau is recommending a 15.9% average loss cost decrease for the voluntary market and a 17.2% cut in the residual market rate, both to take effect on April 1. Workers' compensation rates have been plunging throughout the Southeast. The National Council on Compensation Insurance has recommended a 19.1% rate decrease in Tennessee and a 13.4% decrease in Florida. The Kentucky Department of Insurance approved a 10.8% cut to take effect next year. In North Carolina, the Rate Bureau filed for a 2.8% average decrease for federal classifications in the voluntary market, ...