Last year the National Council on compensation Insurance made a startling announcement—workers comp rates needed to jump almost 20 percent. It was concerned about two court cases scrapping attorney fee provisions in state law. In the end, state regulators approved a modified request increasing rates by about 14 percent instead.
Now the same organization says rates can come down by about nine percent.
“Specifically claim frequency is down more than eight percent in the last two years,” NCCI executive Jeff Eddinger explains, “and this is really the major driver behind the proposed rate decrease.”