FOR IMMEDIATE RELEASE

December 5, 2018

Workers' Compensation Insurance Rates Decrease

Insurance Commissioner Jim Donelon announced today that rates for workers’ compensation policies are decreasing. The Louisiana Department of Insurance has approved a rate filing from the National Council on Compensation Insurance (NCCI) for a statewide decrease of 5.6% in workers’ compensation rates. NCCI is a national organization, which analyzes workers’ compensation data and files loss costs or rates in 35 states.

“Louisiana businesses are benefiting from the competition in the workers’ compensation market,” said Commissioner Donelon. “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. ”

The Louisiana Department of Insurance actuaries reviewed the NCCI filing and Commissioner Donelon approved the decrease to take effect May 1, 2019. The total Louisiana workers’ compensation market is estimated to be almost $800 million in total premium.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.