The National Council on Compensation Insurance presented the details of its proposed +0.4 percent loss cost increase for the state of Louisiana at its annual State Advisory Forum in Baton Rouge yesterday. Local leaders in the workers’ comp space were generally pleased with the move after years of significant rate decreases.
At the Louisiana State Advisory Forum in Baton Rouge on Tuesday, NCCI proposed a 9.8 percent loss cost decrease for next year. If approved by regulators, it will take effect on May 1st, 2017. NCCI representatives speaking at the Forum (Laura Bryan, Nadege Bernard and Susan Schulte) explained that the relatively steep decrease is due mainly to decreased claim frequency across the state.
The National Council on Compensation Insurance (NCCI) held its 2015 Advisory Forum for Louisiana yesterday in Baton Rouge. Cathy Booth, Nadege Bernard-Ahrendts and Susan Schulte led several presentations on the rating agency’s current countrywide and local data, focusing on Louisiana’s balanced environment and the recommended 2.7 percent loss cost decrease for May 2016.
At the end of last month, NCCI announced its recommendation for an overall loss cost decrease of 2.4% for Louisiana. While NCCI explained several reasons for this in its circular, today’s highly anticipated State Advisory Forum in Baton Rouge discussed the recommendations and findings in much greater detail.
UPDATED: This morning (October 31st) NCCI released its circular announcing that it has submitted a voluntary advisory loss costs, rating values and voluntary retrospective rating plan parameters filing to the Louisiana Department of Insurance. This filing proposes an overall average loss cost level decrease of 2.4% for the voluntary market to become effective on May 1st, 2015.