Louisiana Commissioner of Insurance Jim Donelon recently announced that workers compensation benefits, and the rates that Louisiana employers pay for workers’ compensation insurance, has declined for three consecutive years.
For 2009, the rates that Louisiana employer pay for workers compensation insurance will be adjusted to reflect that workers' compensation benefits paid in Louisiana declined by 17.4 percent over the last year.
In 2008, Louisiana workers compensation insurance rates fell 8.6 percent.
In 2007, Louisiana Workers' Compensation insurance rates fell 15.8 percent, the highest reduction of the 35 states NCCI analyzes.
The Times-Picayune notes that the impact of the lower rates could be especially important since Katrina because more people are working in higher-risk, higher-paying jobs.
In related news, LWCC recently announced a $7.5 million dividend (refund) to its policyholders.
On the other hand, according to the Louisiana Office of Workers' Compensation, in 2007, latest year for which complete information is currently available, both the number of disputed workers compensation claims and the number of workers compensation trials increased.
And as mentioned earlier this month, as many one of every five Louisiana businesses may be illegally failing to purchase workers compensation insurance or misleading their insurance agents.
