Commissioner Approves 9.6% Loss Cost Cut

Oklahoma Insurance Commissioner Glen Mulready approved a 9.6% decrease in workers’ compensation loss costs for 2021. Ten consecutive loss cost reductions in the state have totaled 54%, the Insurance Department said in a statement. “The biggest driver in bringing down the loss costs portion of premiums is what is actually paid out in claims and the reduction in the number of claims being filed,” the commissioner said. Mulready said frequency is down nearly 50% over the last 15 years and is projected to decline again in 2021. The National Council on Compensation Insuran...