PRESS RELEASE: Missouri employers should see workers’ compensation insurance costs decline in 2015
JEFFERSON CITY – Two separate analyses of the workers’ compensation climate in Missouri have returned with the same conclusion: Employers should anticipate an approximately 4 percent decline in workers’ compensation insurance rates in the coming year.
The National Council on Compensation Insurance says the current conditions in Missouri call for a 3.7 percent reduction in worker’s compensation insurance rates beginning Jan. 1. Meanwhile, Missouri’s Department of Insurance, Financial Institutions & Professional Registration has released a 4.4 percent recommended reduction in rates.
Neither recommendation is binding on insurance carriers in Missouri. However, the two studies serve as valuable reference points as carriers adjust their rates for the coming year.
“Reforming our state’s workers’ compensation system and establishing sustainable, affordable rates for Missouri employers has, for years, been an important legislative goal for the members of the Missouri Chamber of Commerce and Industry,” said Daniel P. Mehan, Missouri Chamber President and CEO. “The recommended 2015 rate decrease is a sign of progress for our system. This is welcome news for our state’s employer community as we seek to make Missouri a globally competitive state and attract business growth.”
The Missouri Chamber of Commerce and Industry (www.mochamber.com <http://www.mochamber.com/>) was founded in 1923 and is the largest business organization in Missouri, representing almost 3,000 employers, providing more than 425,000 jobs for Missourians.