North Carolina: Loss costs to decrease nearly 10 percent in coming year, officials say
Insurance Commissioner Wayne Goodwin recently announced the settlement of the workers' comp rate filings from the North Carolina Rate Bureau, the organization that represents the state's workers' comp insurance companies. The settlement ordered a 9.6 percent decrease to the voluntary market loss costs and no change to the assigned risk markets. Goodwin said the rate adjustments could net employers a savings of more than $100 million. The changes will go into effect April 1, 2010.
"I'm proud that we were able to implement a public comment period for this filing, and I look forward to continuing this practice for future rate filings that the department handles," Goodwin said.
Goodwin noted that within the average decrease will vary among industries depending on classification codes. In the voluntary market, rate changes include the following:
- Contracting -- 9.5 percent decrease in loss costs.
- Manufacturing -- 12 percent decrease in loss costs.
- Goods and services -- 7.2 percent decrease in loss costs.
- Office and clerical -- 18.4 percent decrease in loss costs.
- Miscellaneous -- 2.7 percent decrease in loss costs.
Not all industry groups will see a drop in loss costs. For example, federal longshore and harbor workers' loss costs will increase 8.8 percent.
The full filings and settlements are available on the department's Web site.
Read more at the WORKERSCOMP ForumTM homepage.
December 14, 2009
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