Department of Commerce and Insurance Recommends Rate Increase for 2021

The Missouri Department of Commerce and Insurance is recommending a 1% increase in workers’ compensation insurance loss costs for 2021. The department said this marks the first time in six years that average workers’ compensation rates will increase. The slight increase is attributable to a 0.5% increase in experience, trend and benefit changes, and a 0.5% increase in loss-based expenses. “Average medical claim costs have increased every year since 2014,” said Department of Commerce and Insurance Director Chlora Lindley-Myers. “Recommended loss costs ar...