NCCI Releases 2014 Workers Comp Rates for Oklahoma

NCCI has released the presentation they did in Oklahoma City and Tulsa.  The presentation has a lot of information about Oklahoma and surrounding states including benefits, costs of claims, etc.  Most of the 14.6 percent reduction is because of the reforms that go into place in Febuary of 2014.   It is 116 pages and can be downloaded from our website below:

NCCI 2013 Advisory Forum Presentation

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Chris Moxley

Chris began his career at a Norman insurance agency in 1988 serving as a Branch Manager for 3 years. He joined Professional Insurors in 1995 as a Producer and became Vice-President in 2004, where he overseas human resources and agency operations & technology as well as continuing to manage his client accounts and grow the business. The Agency works with a variety of accounts and Chris specializes in Workers Compensation Risk Management and Insurance. He has worked in Insurance for over 20 years and besides Workers Compensation he has specialized training and experience in the fields of Construction Risk Management and Risk Transfer, Property Management, & Manufacturing.

Missouri Workers Comp Loss Cost Rates Increase 11.6%

Last Month opponents of the new Workers Comp Law in Oklahoma filed suit to have the law overturned.  Rep Emily Virgin (D) Norman, was quoted as saying, she wanted a system more like Missouri.  About a week ago, NCCI released Missouri results and increased rates in Missouri's loss cost (base rates) by 11.6 percent.  Once the Insurance Carriers apply their multiplier the increases would be more around 15%.   

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Our Oklahoma Law  (Senate Bill 1062), along with other trends in Oklahoma has reduced our rates by 14.6 percent.  The total swing if you compare the two states is around 40% by the time carriers apply their loss costs multipliers.  Based on this knowledge, I think Rep. Virgin should reconsider her challenge.  We can't afford more rate hikes in Oklahoma.  We are running business out of our state and preventing new business from entering our state when we make our workers compensation system expensive compared to other states.  

Click Here for Missouri Powerpoint Presentation from NCCI

Comment

Chris Moxley

Chris began his career at a Norman insurance agency in 1988 serving as a Branch Manager for 3 years. He joined Professional Insurors in 1995 as a Producer and became Vice-President in 2004, where he overseas human resources and agency operations & technology as well as continuing to manage his client accounts and grow the business. The Agency works with a variety of accounts and Chris specializes in Workers Compensation Risk Management and Insurance. He has worked in Insurance for over 20 years and besides Workers Compensation he has specialized training and experience in the fields of Construction Risk Management and Risk Transfer, Property Management, & Manufacturing.