State recommends lower premiums for worker's comp
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.