Department Approves 6.6% Loss Cost Decrease for 2021

The South Carolina Department of Insurance has approved a 6.6% overall average loss cost decrease for the voluntary market, effective April 1. The decrease was recommended in October by the National Council on Compensation Insurance, which analyzes rates and loss costs for South Carolina and 36 other states. The filing was based on 2017 and 2018 data and does not include projected losses from COVID-19 claims. The NCCI noted that claims frequency has dropped significantly in the last decade, although average indemnity and medical costs per claim have remained about the same. Contracting class...