Insurance Commissioner Announces 8.2% Rate Cut

Oklahoma Insurance Commissioner Glen Mulready on Friday announced an 8.2% decrease in workers’ compensation loss costs for 2023. Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. The new loss costs will go into effect for new and renewing policies, effective Jan. 1. “This marks the 12th consecutive year that the department has approved loss cost decreases for workers' compensation insurance,” the commissioner’s office said in a statement. “Oklahoma’s loss cost ha...