LOU INS Reduce Workers Comp Rates

On Dec. 28, LOU INS reported workers' comp rates down 9% in 2024.

  • LOU INS reported that workers' compensation rates will be down 9% during 2024.
  • Commissioner Donelon approved annual lost cost filing for 9% reduction in such rates.
  • Workers' Comp Insurance Market
  • Continued consistent fall in rates over the last two decade, with a cumulative drop of -37% over 5 years, -49% over the last 10 years, and -66% over the last 20 years.
  • Reported that LOU INS had 263 companies writing workers' compensation insurance.
  • Created very competitive marketplace, compared to 1980s when State policy began.
  • Effectiveness
  • Decrease effective May 2024.

Regulators LOU INS
Entity Types Ins
Reference PR, 12/28/2023
Functions Actuarial and Valuation; Compliance; HR; Product Administration; Reporting; Underwriting
Countries United States of America
Products Insurance; Insurance-Casualty
Regions Am
Rule Type Final
Rule Date 12/28/2023
Effective Date 5/1/2024
Rule Id 196384
Linked to N/A
Reg. Last Update 12/28/2023
Report Section US Insurance

Last substantive update on 12/31/2023