Insurance department announces drop in workers’ compensation premiums

OKLAHOMA CITY – Officials with the Oklahoma Insurance Department says employers will see a drop in the loss costs connected to workers’ compensation.

Commissioner Glen Mulready approved a 5.1 percent decrease in workers’ compensation insurance loss costs for 2020. Loss costs are the average cost of lost wages and medical payments for workers injured during their employment.

“The biggest in bringing down the loss costs portion of premiums, is what is actually paid out in claims, and the reduction in the number of claims filed,” Mulready said.

The new loss costs go into effect on Jan. 1, 2020.

“This is excellent news for Oklahoma businesses,” Mulready said. “The decline in workers’ compensation rates will lower the cost of doing business in our state. I will continue to work hard and help create a more business-friendly environment for all sectors.”

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