Rates for workers’ compensation policies are decreasing in Louisiana by 5.6 percent in May.
Insurance Commissioner Jim Donelon said his department has approved a rate filing from the National Council on Compensation Insurance for the statewide decrease. The national organization analyzes workers’ compensation data and files loss costs or rates in 35 states.
Louisiana Department of Insurance actuaries reviewed the organization's filing. Donelon approved the decrease to take effect May 1. The total Louisiana workers’ compensation market is estimated to be almost $800 million in total premium.
“Louisiana businesses are benefiting from the competition in the workers’ compensation market,” Donelon said. “Through improved workplace safety and better risk management practices, rates have continued their downward trajectory and are more affordable for businesses statewide. Rates have had a cumulative drop of 19 percent over the last five years and 51 percent over the last 20 years.”