The Oklahoma Insurance Department has approved a 9.2 percent decrease in workers' compensation insurance loss costs for 2025, which means lower premiums for many Oklahoma businesses.
The reduction was recommended by the National Council on Compensation Insurance, which collects annual data on workers' compensation claims for the insurance industry.
Loss costs are the average cost of lost wages and medical payments of workers injured per US$100 of payroll or as a percentage of payroll. Since 2011, there has been a 71 percent decrease in loss costs.
Oklahoma insurance commissioner Glen Mulready says: "I am pleased to see our costs decreasing while supporting local businesses.
“Access to affordable workers' compensation insurance will make it easier for employers to view Oklahoma as an ideal location to operate their business."
