State recommends lower premiums for worker's comp

3 years 9 months 6 days ago Tuesday, December 16 2014 Dec 16, 2014 Tuesday, December 16, 2014 4:06:00 AM CST December 16, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - The Missouri insurance department is recommending a reduction in the premiums charged to businesses for workers' compensation insurance.

The department is recommending a 4.4 percent decrease in insurers' "loss costs" for 2015. Those loss projections typically are used by insurers when setting rates.

Department Director John Huff says the reduction is due to a decrease in medical claims costs, a decline in large losses in 2012 and a downward trend in the frequency of claims for lost time at work.

The state's recommended reduction is slightly more than had been indicated in a report three months ago by the National Council on Compensation Insurance.

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