Insurance Bureau Announces 9.6% Loss Cost Reduction

Maine Superintendent of Insurance Bob Carey announced Wednesday that the National Council on Compensation Insurance has approved the 2024 loss costs for state employers, which will lower workers' compensation insurance rates by an average of 9.6%, effective April 1. According to the announcement, the reduction in loss costs, based on prior experience and projected losses and benefit payments, will result in rate decreases ranging from 6.5% to 10.7%, depending on the industry group. If all carriers fully adopt the increase, businesses in the state could save about $27 million, combine...