The Louisiana Department of Insurance (LDI) released its Annual Report, which covers data collected by the office for both 2015 and 2016. Workers’ compensation does not figure prominently in the report, presumably because the market is relatively stable, however, there are some numbers worth addressing. The executive summary also offers some useful information about how LDI consolidated staff and services in the face of the state’s fiscal crisis.
This latest report reveals that direct written premium for the workers’ compensation line across the state was $834,135,514 in Calendar Year 2015, compared to $868,836,066 in Calendar Year 2014 (see table below).
The report also makes known two legislative priorities for LDI that apply to workers’ comp. One is to study opioid abuse in the state, which was resolved in last year’s regular session with HCR-113 (i.e. Louisiana Commission on Preventing Opioid Abuse). The other is to study Medicare Secondary Payer issues, because “the Medicare Secondary Payer Act has been enforced in settlement of workers’ compensation matters for several years.” The report encourages the study of the effect of the Act on the ability of parties to settle ordinary personal injury claims.
Finally, the report includes a chart showing premium written by group self-insurance funds (SIFs) in calendar year 2015. In total, SIFs wrote $204,881,021 in premium between 17 programs. This is equivalent to nearly a quarter of the market.
Download the report in its entirety from LDI here.