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, according to a Missouri Chamber of Commerce news release.
The National Council on Compensation Insurance says the current conditions in Missouri call for a 3.7 percent reduction in workers' 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 Mehan, Missouri Chamber president and CEO in the news release. "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."