Insurance Commissioner Jim Donelon announced that the Louisiana Department of Insurance approved NCCI’s rate filing for a statewide decrease of 9.8 percent in workers’ compensation rates. In a statement issued yesterday, Donelon said, “Louisiana businesses are again reaping the benefits of lower workers’ compensation rates. Rates have had a cumulative drop of 34 percent over the last ten years and 50 percent over the last 20 years. Robust competition and a lower frequency of claims are resulting in workers’ compensation insurance being more affordable for business owners and that’s good news for Louisiana.” The change goes into effect on May 1st, 2017.
Read the full announcement here.