The Louisiana Department of Insurance is predicting a 2.7% dropin Workers' Compensation rates for businesses in 2016, the BatonRouge-based Advocate newspaper isreporting. The dip would save employers approximately$23.5 million in premiums.
The state Insurance Department is reviewing a filing by theNational Council on Compensation Insurance (NCCI), which mostinsurers offering WC in Louisiana use. According the TheAdvocate, in seven of the past 10 years, NCCI has filed for WCrate reductions in the state. Altogether, the filings would havereduced rates by nearly 38%.
According to Louisiana Insurance Commissioner Jim Donelon, thenumber of insurers writing WC in the state has increased 19% from2007 to 2014. "In 2007, there were 197 companies writing Workers'Comp," Donelon told The Advocate. "By the end of2014, we had 235 companies writing here."
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