Commissioner Approves 10.2% Loss Costs Decrease

The Tennessee Department of Commerce and Insurance announced a 10th consecutive reduction in workers' compensation loss costs for 2023. Commissioner Carter Lawrence on Dec. 14 signed an order approving a 10.2% overall loss cost decrease for the voluntary market beginning March 1. A copy of the order can be found here. The loss cost reductions are in part the result of more stable claim costs, which the department attributed to the effects of system reforms that started in 2014. The department also credited fewer significant workplace injuries and overall decreases in lost-time claim freq...