Tennessee approves 7.1% drop in comp premium rates

Tennessee’s workers compensation premium rates will decline for the seventh year in a row, the Tennessee Department of Insurance announced Tuesday.

Hodgen Mainda, Tennessee insurance commissioner, approved a 7.1% overall loss cost decrease for 2020, said the department in a statement. The National Council on Compensation Insurance, based in Boca Raton, Florida, recommended a 9.5% reduction in late August, but the rate was modified after data from workers compensation fee schedule changes was made available.

Tennessee has approved loss cost reductions of more than 52% since 2014, when Tennessee implemented a series of workers compensation system reforms. Reduced loss costs have also been affected by a reduction in significant workplace injuries in the state, according to the department.

The reduction will become effective March 1, 2020.