OKLAHOMA CITY, Sept. 9, 2016 /PRNewswire/ -- The annual filing most insurance carriers will use to develop rates for workers' compensation insurance shows a decrease for the fourth year in a row. The National Council on Compensation Insurance (NCCI) plans to file an overall loss cost decrease of 10.2 percent. NCCI credits Oklahoma's loss cost decrease to declines in market experience and market trend, as well as the recent reforms.
"I'm extremely encouraged to see this positive trend continue for another year," Oklahoma Insurance Commissioner John D. Doak said. "When Oklahoma business owners can pay less for workers' compensation insurance, they can spend more on their employees and on creating jobs. It is a win-win for everyone."
With this year's drop, the total impact of NCCI filings since 2013 is a 44 percent decrease. The new loss costs will go through a review process and are expected to go into effect on Jan. 1, 2017.
The NCCI is an advisory organization that studies workplace injuries, collects workers' compensation claim data, analyzes industry trends and develops loss costs to be used in the ratemaking process. Most workers' compensation carriers use the NCCI loss cost values when determining the rates charged to Oklahoma employers.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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SOURCE Oklahoma Insurance Department