Insurance Dept. Approves 17.2% Average Rate Reduction

The North Carolina Insurance Commissioner has approved an average 17.2% decrease in workers' compensation rates, effective April 1, 2019. The decrease is in keeping with the North Carolina Rate Bureau's August recommendation, which suggested a 15.9% loss cost reduction for the voluntary market, and a 17.2% cut for the residual market. “This rate decrease should serve as an economic boon to the state’s small businesses,” Insurance Commissioner Mike Causey said in a bulletin posted today. “I am pleased to approve the North Carolina Rate B...