Louisiana Commissioner of Insurance Jim Donelon announced yesterday that overall rates for workers’ compensation insurance will decrease in Louisiana effective May 1, 2015. Commissioner Donelon recently approved a 2.4 percent decrease in workers’ compensation loss costs submitted by NCCI. Donelon stated in the press release: “Companies today are paying half as much for the same coverage as they were 20 years ago, and about one-third less than they were paying just ten years ago,” said Commissioner Donelon. “While many states are seeing their workers’ compensation costs going down, we are also seeing some states with increasing rates. We are pleased that Louisiana businesses are seeing a second successive year of declining loss costs that are coming as the result of fewer and less severe workplace injuries.”
Read the full statement from the Louisiana Department of Insurance here.