NCRB Recommends 3.9% Loss Cost Decrease

The North Carolina Rate Bureau is recommending a 3.9% average loss cost decrease for the voluntary market and a 4.2% decrease in the residual market rate, both to take effect April 1, 2021. The proposed voluntary market loss cost rate reductions average 5% for manufacturing, 4.8% for contracting, 3.1% for office and clerical, 4.5% for goods and services, and 1.2% for miscellaneous. Proposed reductions by industry group for the residual market average 5.3% for manufacturing, 5.1% for contracting, 3.4% for office and clerical, 4.8% for goods and services, ...