Insurance Commissioner Wayne Goodwin said Oct. 27 that North Carolina workers' compensation insurance policy loss costs will increase an average of 0.6 percent, effective April 1, 2011.
The North Carolina Rate Bureau had requested an average increase of 1.2 percent in loss costs. But a settlement between his office and the rate bureau will result in $7 million in savings for North Carolina business, the commissioner said.
The settlement also resulted in a 4.1 percent increase for assigned risk market accounts. In 2009, the commissioner ordered a 9.6 percent decrease in voluntary market loss costs and no change in assigned risk loss costs.
Filed by Roberto Ceniceros of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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