Department Approves 1.6% Drop in Loss Costs

The Missouri Department of Commerce and Insurance has agreed with a rating organization's recommendation for a 1.6% average decrease in loss costs for 2020. The National Council on Compensation Insurance in August recommended the decrease for the voluntary and assigned risk markets. The cut is one of the smallest in the country this year and one of the smallest for Missouri in recent years. While some states have seen decreases of as much as 19% for 2020, Missouri continues to face escalating medical costs, officials said. “Missouri’s lost time claim frequency continues ...