November 18, 2011
Workers' comp rates to drop
By The Mainebiz News Staff
Workers' compensation loss costs will drop an average of 3.2% next year, the state Bureau of Insurance announced yesterday.
Insurance Superintendent Eric Cioppa said the bureau approved Florida-based National Council on Compensation Insurance's request to decrease the portion of premiums that cover benefits, called loss costs, of workers' compensation in 2012, according to a press release. NCCI is the advisory rating organization for insurance companies that offer workers' compensation coverage in Maine. The move is expected to save businesses about $6.1 million a year.
Cioppa said an increased focus on safety by Maine employers has contributed to a decrease in claims, and that expenses for claims have not risen as quickly.
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