AFFTON, Mo. – During a visit to the Nelson Mulligan Carpenters Training Center in Affton Thursday, Gov. Jay Nixon announced that for the second consecutive year Missouri businesses are expected to see a decrease in their workers’ compensation insurance rates next year.
Figures collected by the Missouri Department of Insurance predict the National Council on Compensation Insurance (NCCI) is proposing an overall decrease of 2.4 percent from its 2015 loss costs, which reflect the costs of workers’ compensation claims. Insurers and self-insurers use loss costs to establish workers’ compensation premiums for Missouri employers.
The rate recommendation is largely due to a decrease in the number of accidents/injuries that keep workers away from their jobs.
“This is great news for Missouri employers,” John M. Huff, the director for the Missouri Department of Insurance said. “Missouri’s workers’ comp loss costs continue to be lower than many of our neighboring states. Lower rates will help fuel Missouri’s continued economic growth.”
The contracting industry, which includes construction, received the largest recommended decrease at 4.9 percent.
“Skilled workers are safe workers, and safe workers help keep costs down for everyone,” Nixon said. “I appreciate the skilled laborers throughout the state that have made work sites safer, helping to make Missouri a leader in lower worker compensation costs.”
