Louisiana cuts workers comp rates 9%

The Louisiana Department of Insurance announced a 9% reduction in workers compensation rates, effective in May.

The decrease, based on the National Council on Compensation Insurance’s annual loss cost filing for 2024, is in line with a decades-long trend, as Louisiana workers comp rates have seen a cumulative drop of 37% over the last five years, 49% over the last 10 years, and 66% over the past 20 years, the department said in a statement released Thursday.

The state’s workers’ comp insurance market last year was estimated at about $950 million in written premium, the statement said.