Louisiana Insurance Commissioner Jim Donelon has approved the annual loss cost filing of the National Council on Compensation Insurance (NCCI) for a -12.2% reduction in workers’ compensation rates. The decrease, which takes effect May 1, 2023, continues the downward trend experienced in nine of the last 10 years.
Workers’ compensation rates have dipped dramatically over the past two decades, with a combined decrease of -35% over the past five years, -47% over the past 10 and -63% over the past 20 years.
The total Louisiana workers’ compensation insurance market in 2022 is estimated to have about $850 million in written premium.
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