Insurance department approves lower workers’ compensation premiums

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OKLAHOMA CITY (KFOR) – For the 10th year in a row, the Oklahoma Insurance Department is decreasing workers’ compensation insurance loss costs.

Since 2011, there has been a 54 percent decrease in loss costs. Lost costs are the average cost of lost wages and medical payments of workers injured during their employment.

“This is excellent news for Oklahoma businesses,” Commissioner Glen Mulready said. “The decline in workers’ compensation loss costs will aid in lowering the cost of doing business in our state. I will continue to focus on creating a more business-friendly environment for all sectors.”

Officials say there is a 9.6 percent decrease in workers’ compensation insurance loss costs for 2021.

The new loss costs will go into effect for new and renewing policies effective January 1, 2021.

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