North Carolina Approves Decreases in Voluntary, Residual Market Workers’ Comp Loss Costs for 2015
North Carolina Insurance Commissioner Wayne Goodwin has approved workers’ compensation rates as filed that will go into effect April 1, 2015. There will be a 3.4 percent average decrease to loss costs for the voluntary market. There will be an average 4.5 percent decrease in residual market rates.
By industry group the changes will be: Manufacturing 2.3% decrease; Contracting 2.8% decrease; Office & Clerical 5.0% decrease; Goods & Services 4.4% decrease; and Miscellaneous 2.5% decrease. Loss costs do not include profit, expenses, dividends or contingencies.
The department of insurance reviewed the September workers’ compensation rate filings from the North Carolina Rate Bureau, the organization that represents the state’s insurers.
In 2013, the department approved a 4.2 percent increase to the voluntary market loss costs and a .3 percent increase to the residual market rates.