Texas approves 11.5% average decrease in workers comp rates

The Texas Department of Insurance on Friday announced it has accepted the National Council on Compensation Insurance’s loss costs for employers, lowering workers compensation insurance by an average of 11.5%.

In setting rates, insurance companies must use their own independent, insurer-specific classification relativities or the NCCI loss costs, according to a bulletin.

The NCCI loss costs will go into effect for new and renewing policies as of July 1.