The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates.
The NCCI recently proposed an overall decrease of 7.5 percent for 2024 workers’ compensation loss costs.
The 7.5 percent decrease in loss costs between Jan. 1, 2023 and Jan. 1, 2024 is driven by data collected on an annual basis showing a decline in average indemnity and medical costs per lost time claim.
“Missouri businesses will be pleased to hear that on average, workers’ compensation rates should decrease for the third year in a row,” said Chlora Lindley-Myers,Director of the Missouri Department of Commerce and Insurance. “It’s a testament to Missouri’s employers for continuing to make safety improvements in the workplace to protect their teams. A robust market with over 300 insurers actively competing for business in the workers’ compensation market gives businesses plenty of choices. I encourage Missouri’s employers to take advantage of this and shop around for the best rates.”
Workers’ compensation was mandated in Missouri by state law in 1925 and is a “no-fault” insurance system that pays benefits to workers injured on the job to cover medical care, part of lost wages and permanent disability. In return, employers receive immunity from civil lawsuits by employees over such workplace injuries.
Source: DCI
Topics Commercial Lines Workers' Compensation Talent Business Insurance Pricing Trends Missouri
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