Employees’ compensation loss prices in Tennessee will drop a median of 9.4% for the voluntary market beginning March 1, marking the 11th straight lower for the state.
The lower follows declines of 10.2% in 2023 and 5.6% in 2022, the Tennessee Division of Commerce and Insurance coverage mentioned Tuesday.
“Tennessee’s workforce will profit from these loss price reductions as a result of they’re the results of decreases in lost-time declare frequency and extra steady claims prices,” mentioned Insurance coverage Commissioner Carter Lawrence, who accepted the lower in a Dec. 30 order.
The decline in total loss prices was just like drops in different states and displays a nationwide pattern towards fewer reported office accidents and decrease indemnity prices, specialists have mentioned. The Tennessee lower was based mostly on a September submitting by the Nationwide Council on Compensation Insurance coverage and suggestions from the Tennessee Advisory Council on Employees’ Compensation. The NCCI really useful an 11.1% total lower, whereas the advisory council referred to as for a 7.7% drop, based mostly on calculations from By the Numbers Actuarial Consulting agency.
The commissioner additionally approved a smaller loss price multiplier – 1.824 – for the voluntary market and a charge lower for the assigned danger market of 9.7%.
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