Missouri workers' comp insurance costs could fall
JEFFERSON CITY (AP) - Missouri businesses could see a decline in their workers' compensation insurance premiums next year.
The state insurance department says a new report by the National Council on Compensation Insurance indicates that insurers are likely to see a 3.7 percent drop in their "loss costs" for claims in 2015. Those loss projections typically are used by insurers when setting rates.
Insurance Department Director John Huff says the potential decline in workers' compensation premiums is due largely to a decrease in the overall costs of medical claims.
At this time last year, the national council was projecting an 11.6 percent increase in "loss costs" for Missouri's workers' compensation insurers. That was due partly to a new law that shifted some injury claims to the workers' compensation system from the state's Second Injury Fund.