Residual WC Insurance Premiums Heading Up

Employers in North Carolina’s residual workers’ compensation insurance market could be facing a 2.2% premium increase April 1, according to a filing with the North Carolina Rate Bureau. Contributing to the hike are a 10.2% drop in loss costs and a 13.8% increase in the loss-cost multiplier. There is a suggested reduction in the expense constant from $250 to $160. There is no change to the minimum premium multiplier of 200 or the maximum minimum premium of $1,500. By industry, there is a 3.1% increase in manufacturing, 0.2% for contracting, 1.5% for office and clerical, 2.1% for g...