OSI Approves 5.5% Loss-Cost Decrease

The New Mexico Office of Superintendent of Insurance approved a 5.5% decrease in workers’ compensation loss costs for policies incepting on or after Jan. 1. The agency said the decrease is due in large part to continuing decreases in claim frequency. This is the seventh consecutive reduction. Loss costs comprise the portion of workers’ compensation rates used to pay claims and claims adjustment expenses. “After two years of employers facing challenges related to COVID, it was important for us to approve these cost reductions,” Superintendent of Insurance Russell ...