The Missouri Department of Insurance has recommended a 4.6% decrease in workers' compensation insurance loss costs for 2017, Gov. Jay Nixon said in a statement.
Prospective loss costs are intended to cover indemnity and medical payments for injured workers and some of the expenses associated with providing these benefits. They are used by insurers to set workers' compensation rates.
"The decreasing claim trends and competitive market is projected to result in Missouri businesses seeing additional rate decreases in 2017," said Missouri Insurance Director John Huff.
The National Council on Compensation Insurance proposed an overall average decrease of 3.7% to be effective Jan. 1, 2017. The Missouri Department of Insurance in its review of the NCCI's advisory loss cost filing recommended a voluntary market advisory loss cost decrease of 4.6%, which is 0.9% lower than the NCCI's indication.