The Louisiana Department of Insurance (LDI) approved an NCCI loss cost filing for Louisiana resulting in a -8.4 percent rate change for the workers’ compensation market. The change will go into effect on May 1st, 2020.
A press release dated November 8th, 2019, issued from LDI Commissioner Donelon’s office noted the downward trend of the last six years:
“This reduction is more welcome news for Louisiana businesses and individuals who purchase workers’ compensation insurance coverage,” said Commissioner Donelon. “Through improved workplace safety and better risk management practices, these diminishing rates continue to benefit businesses statewide. Rates have had a cumulative drop of -24 percent over the last five years and -55 percent over the last 20 years.”
This 8.4 percent decrease comes after a 5.6 percent decrease last year, a 0.4 percent increase and in 2016, a 9.8 percent decrease in 2015. The filing detail for this year can be found on the LDI website here.
NCCI will hold its Louisiana State Advisory Forum on November 19th in Baton Rouge. The event is an annual discussion of the loss cost filing to go into effect the following year. Full details and registration for that event is available here.
Image Credit: Jim Donelon via LDI website