Oklahoma Work Comp Rates to Decrease 8.2% in 2023

Oklahoma Insurance Commissioner Glen Mulready introduced that companies ought to see one other price lower in staff’ compensation insurance coverage starting on January 1, 2023. The Oklahoma Insurance Department has permitted an annual submitting with an 8.2 % lower in staff’ compensation insurance coverage loss prices for 2023.

This marks the 12^th consecutive yr that the division has permitted loss value decreases for staff’ compensation insurance coverage. Oklahoma’s loss value has decreased considerably from 2016 to 2021, averaging a 9.5 % lower per yr. Oklahoma’s value decreases have exceeded countrywide decreases during the last 10 years. Moreover, Oklahoma’s lost-time declare frequency has come down considerably during the last 15 years (by nearly 50%) and is projected to proceed to decline into 2023.

Loss prices are the common value of misplaced wages and medical funds of staff injured per $100 of payroll or as a proportion of payroll. The new loss prices will go into impact for brand new and renewing insurance policies efficient January 1, 2023.

Source: Oklahoma Insurance Department

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