Oklahoma approves 9.6% comp decrease

Oklahoma Insurance Commissioner Glen Mulready on Wednesday approved a 9.6% decrease in workers compensation insurance loss costs for 2021. Workers comp loss costs have decreased every year for the past decade, marking a 54% decrease in loss costs since 2011.

Oklahoma’s lost-time claim frequency has also declined significantly over the past 15 years by nearly 50% and is predicted to continue to decline in 2021, the commissioner’s office said in a statement.

The new loss costs will go into effect for new and renewing policies effective Jan. 1, 2021.