|NCCI files for 6.2% decrease in loss costs
|The National Council on Compensation Insurance has filed for an overall loss cost decrease of 6.2% in South Carolina, effective April 1, 2018. The filing has not yet been approved by the South Carolina Department of Insurance.
NCCI attributes most of the reduction to a 5% improvement in claims experience, along with modest improvements in other factors influencing workers’ compensation costs. The overall decrease in loss costs amounts to the following decreases in specific sectors: office & clerical (11.1%), contracting (5.6%), manufacturing (5.3%), and goods & services (5.3%).
Next year’s decrease in loss costs compares favorably to 2017, when NCCI did not submit a filing, and to 2016 and 2015, when the group filed for increases of 2.5% and 1.9%, respectively. NCCI recently submitted the following filings in other southeastern states:
- Georgia: -0.5%
- Florida: -9.3%
- North Carolina: -11.3%
- Tennessee: -12.6%
- Alabama: -13.9%