Workers' Compensation Insurance Premiums Could See Another Drop Next Year

Sep 10, 2015

Credit selbstfotografiert / Wikimedia Commons

Missouri businesses could see another drop in workers' compensation insurance premiums next year.

Democratic Gov. Jay Nixon said during a Thursday visit to an Affton carpenters' training center that early figures from the National Council on Compensation Insurance propose a dip of 2.4 percent from loss costs for 2015 claims. Loss projections typically are used by insurers when setting rates.

The industry with the largest suggested decrease is contracting, which had a proposed drop of 4.9 percent in loss costs.

Missouri's insurance department said fewer accidents and injuries among workers and stable costs for claims led to the lower rate recommendation.

The national council last year projected a 3.7 percent drop in loss costs.

Missouri's insurance department will recommend its own loss costs after reviewing the national council's projections.