Maine approves 9.6% average decrease in workers comp rates

Maine Superintendent of Insurance Bob Carey announced Wednesday that the National Council on Compensation Insurance has approved the 2024 loss costs for state employers, which will lower workers compensation insurance rates by an average of 9.6%.

According to the announcement, the reduction in loss costs, based on prior experience and projected losses and benefit payments, will result in rate decreases ranging from 6.5% to 10.7%, depending on the industry group.

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