NCCI: Rate Cuts Getting Smaller, but Decreases Expected to Continue

The National Council on Compensation Insurance said it doesn't anticipate an immediate end to the trend of annual reductions in loss costs and rates, even if the extent of the cuts has decreased in recent years. NCCI said filed loss costs and rates have generally declined for more than a decade because of the combined effects of decreases in frequency, premium growth from higher wages and moderate medical and indemnity cost changes. The latest filings proposed smaller reductions because wage growth has eased relative to post-pandemic highs, and medical severity grew by about 6% in the 20...