New Mexico approves cut to comp loss costs

The New Mexico Office of Superintendent of Insurance announced Tuesday it has approved a 5.5% decrease in loss costs for workers compensation policies renewed or issued on or after Jan. 1, 2022.

Loss costs have decreased for the seventh consecutive year, due in large part to the continuing decrease in claim frequency, officials say.

“After two years of employers facing challenges related to COVID, it was important for us to approve these cost reductions,” Superintendent of Insurance Russell Toal said in a statement. “These lower rates will help a large number of employers save money, which they can use to reinvest in their businesses.”