The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said.
Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. Since 2011, there has been a 59 percent decrease in loss costs. Moreover, Oklahoma lost-time claim frequency has come down significantly over the last 15 years (by almost 50%), and is projected to continue to decline into 2022.
The National Council on Compensation Insurance (NCCI), a licensed rating and advisory organization, collects annual data on workers’ compensation claims for the insurance industry. NCCI is authorized to make recommended lost cost filings on behalf of workers’ compensation insurance companies in Oklahoma.
The new loss costs will go into effect for new and renewing policies effective Jan. 1, 2022.
Source: Oklahoma Insurance Department
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