NCCI Recommends 4.7% Rate Decrease

The National Council on Compensation Insurance has recommended a 4.7% average rate decrease for both the voluntary and assigned risk markets, to take effect Jan. 1, the state Insurance Division announced. According to the rate fling, experience and trend factors indicate a 4.4% rate reduction, and a decrease in the profit and contingency provision indicate an additional 0.7% decrease. That is offset by a 0.3% increase in loss-based expenses. The contracting industry will see the largest decreases, with an average rate reduction of 6.6%, according to the rate filing. Office and clerical ...