11.9% Loss Cost Cut Takes Effect April 1

Maine acting Superintendent of Insurance Timothy Schott announced the approval a National Council on Compensation Insurance filing that proposes an average loss cost decrease of 11.9%. The new NCCI loss costs go into effect for policies incepting on or after April 1. The 11.9% decrease is an average loss cost change, which ranges from a decrease of 9.8% to 13.4% depending on the industry group. This is an average decrease, so most Maine businesses should see decreases in premiums, but some individual businesses may see increases. “Maine has a competitive market for workers&#...