11.7.22 – Insurance Journal
Oklahoma Insurance Commissioner Glen Mulready announced that businesses should see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Oklahoma Insurance Department has approved an annual filing with an 8.2 percent decrease in workers’ compensation insurance loss costs for 2023.
This marks the 12th consecutive year that the department has approved loss cost decreases for workers’ compensation insurance. Oklahoma’s loss cost has decreased significantly from 2016 to 2021, averaging a 9.5 percent decrease per year. Oklahoma’s cost decreases have exceeded countrywide decreases over the last 10 years. Moreover, Oklahoma’s lost-time claim frequency has come down significantly over the last 15 years (by almost 50%) and is projected to continue to decline into 2023.
Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. The new loss costs will go into effect for new and renewing policies effective January 1, 2023.
Source: Oklahoma Insurance Department