The National Council on Compensation Insurance’s (NCCI) filing for the overall average workers’ compensation loss cost level change of +2.6 percent in Maine took effect on a new and renewal basis as of April 1.
Based upon its review of the most recently available data, NCCI has proposed in January an overall average workers’ comp loss cost level change of +2.6 percent to become effective April 1 in Maine. The NCCI filing was approved on Feb. 25.
The NCCI said in the filing the loss cost change components include: +2.0 percent in change in experience/trend and benefits; +0.4 percent in benefits; and +0.2 percent in loss-based expenses. The NCCI said primary drivers of the loss cost level change are: the claims experience which has deteriorated in the latest evaluated policy year; and the medical loss ratio which increased sharply in the latest policy year due to the emergence of several large claims.
The Maine Bureau of Insurance said that including the effect of the loss cost filing effective April 1, the state has experienced an aggregate loss cost reduction of 51.5 percent since 1992.
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