Employers should see a reduction in workers’ compensation rates for the third straight year according to preliminary figures collected by the Missouri Department of Insurance from the National Council on Compensation Insurance (NCCI). The NCCI recently proposed an overall decrease of 3.7% for 2017 workers’ compensation loss costs.
“Missouri businesses will be pleased to hear that workers’ compensation rates on average should decrease again in 2017,” said Missouri Department of Insurance Director John M. Huff. “With 336 active carriers and rates continuing to decline, Missouri has a competitive workers’ compensation market that benefits Missouri businesses.”
Of Missouri’s 366 active carriers, 220 filed rate decreases this year with an average decrease of 2.9%. A decrease in rate means more savings for businesses in the state.
To view the proposed change in loss costs by industry group, click here.