Missouri workers' compensation insurance rates could drop

3 years 1 week 5 days ago Thursday, September 10 2015 Sep 10, 2015 Thursday, September 10, 2015 2:26:32 PM CDT September 10, 2015 in News
By: The Associated Press

AFFTON (AP) - Missouri businesses could see another drop in workers' compensation insurance premiums next year.

Democratic Gov. Jay Nixon said during a Thursday visit to an Affton carpenters' training center that early figures from the National Council on Compensation Insurance propose a dip of 2.4 percent from loss costs for 2015 claims. Loss projections typically are used by insurers when setting rates.

The industry with the largest suggested decrease is contracting, which had a proposed drop of 4.9 percent in loss costs.

Missouri's insurance department says fewer accidents and injuries among workers and stable costs for claims led to the lower rate recommendation.

The national council last year projected a 3.7 percent drop in loss costs.

Missouri's insurance department will recommend its own loss costs after reviewing the national council's projections.

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