Tennessee comp rates to drop 3.6% in March

The Tennessee Department of Commerce and Insurance announced that workers compensation premiums will decline in March for the 12th consecutive year.

The department on Tuesday said the commissioner in December signed an order approving a 3.6% overall loss cost decrease for the voluntary market. The decrease applies to policies incepting on or after March 1.

Loss costs are the portion of work comp rates used for claims and claims adjustment expenses.

The department said employers have seen consistent loss cost reductions since work comp system reforms were started in 2014.

“The loss cost reduction can be [attributed], in part, to safer workplaces where workers are receiving fewer injuries on the job,” Insurance Commissioner Carter Lawrence said in a statement. “These reductions indicate a healthier workplace for Tennesseans, as they result from decreases in lost time claim frequency and more stable claims costs.”

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