The Oklahoma Department of Insurance (OID) published a press release announcing that it has approved a 9.2% reduction in workers’ compensation loss costs for 2025.
Loss costs represent the average costs of lost wages and medical payments for injured workers and make up a portion of a company’s workers’ compensation insurance premium. Factors contributing to the average loss costs include the frequency and severity of injuries and medical costs.
The reduction will lower premiums for many businesses in the state. Loss costs have trended downwards for many years, as there has been a cumulative reduction of 71% since 2011.
The new rates must be applied to new or renewing policies effective January 1, 2025.
The bulletin can be found here.