Workers’ compensation loss cost rates in Missouri will decrease by an average of 5.3 per cent starting 1 January 2025, marking the fourth consecutive year of reductions.
The Missouri Department of Commerce and Insurance (DCI) attributes the decrease to declining average indemnity and medical costs per lost-time claim, based on data from the National Council on Compensation Insurance (NCCI).
Chlora Lindley-Myers, DCI director, comments: “Missouri businesses will be pleased to hear that on average, workers’ compensation rates should decrease for the fourth year in a row. It is a testament to Missouri’s employers for continuing to make safety improvements in the workplace to protect their teams.
“A robust market with over 300 insurers actively competing for business in the workers’ compensation market gives businesses plenty of choices. I encourage Missouri’s employers to take advantage of this and shop around for the best rates.”
Established in Missouri in 1925, workers' compensation offers no-fault benefits to injured employees and protects employers from civil lawsuits. Businesses can meet their workers’ compensation requirements by purchasing insurance or becoming state-certified self-insurers.
